Ruffer LLP Acquires Shares of 258,300 Iamgold Corporation $IAG

Key Points

• Ruffer LLP acquired 258,300 shares of Iamgold Corporation, valued at approximately $1.9 million, during the second quarter of 2023.
• Iamgold's stock has experienced a 2.4% decrease recently, with a current market capitalization of $6.74 billion and a PE ratio of 8.44.
• The company's recent earnings report showed an EPS of $0.13, missing analysts' expectations, while total revenue was $587.21 million, below the projected $663.21 million.

Ruffer LLP acquired a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 258,300 shares of the mining company's stock, valued at approximately $1,899,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Parallel Advisors LLC raised its stake in shares of Iamgold by 272.9% in the second quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company's stock valued at $26,000 after acquiring an additional 2,623 shares during the period. Summit Securities Group LLC purchased a new position in Iamgold in the 1st quarter worth about $35,000. Alpha Omega Wealth Management LLC purchased a new position in Iamgold in the 1st quarter worth about $75,000. Avantax Advisory Services Inc. purchased a new position in Iamgold in the 1st quarter worth about $86,000. Finally, Vident Advisory LLC purchased a new position in Iamgold in the 1st quarter worth about $92,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Stock Down 2.4%

IAG stock opened at $11.73 on Thursday. The firm has a 50 day moving average of $8.83 and a 200 day moving average of $7.53. The stock has a market capitalization of $6.74 billion, a PE ratio of 8.44, a price-to-earnings-growth ratio of 0.39 and a beta of 1.21. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. Iamgold Corporation has a 52 week low of $4.44 and a 52 week high of $12.32.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its earnings results on Thursday, August 7th. The mining company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.01). Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The company had revenue of $587.21 million during the quarter, compared to analyst estimates of $663.21 million. Sell-side analysts forecast that Iamgold Corporation will post 0.67 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on IAG. Royal Bank Of Canada raised shares of Iamgold from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $9.00 to $14.00 in a research report on Wednesday, September 10th. Raymond James Financial raised shares of Iamgold to a "hold" rating and set a $8.00 target price on the stock in a research report on Monday, June 30th. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. National Bankshares reissued an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Finally, CIBC reissued an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $10.13.

Iamgold Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.

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