Thomist Capital Management LP Takes $6.41 Million Position in Iamgold Corporation $IAG

Key Points

• Thomist Capital Management purchased 404,362 Iamgold shares worth approximately $6.41 million, representing 0.07% of the company and 2% of the fund’s portfolio. Institutional investors collectively own 47.08% of Iamgold.
• Analyst sentiment is broadly positive: Iamgold has a consensus rating of “Moderate Buy” and an average price target of $20, despite RBC and Bank of America recently trimming their targets.
• Iamgold reported quarterly EPS of $0.42, in line with estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. The stock opened at $21.80 and has a 52-week range of $8.73 to $24.87.

Thomist Capital Management LP bought a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 404,362 shares of the mining company's stock, valued at approximately $6,405,000. Iamgold accounts for 2.0% of Thomist Capital Management LP's portfolio, making the stock its 17th biggest holding. Thomist Capital Management LP owned 0.07% of Iamgold as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new stake in Iamgold in the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold in the fourth quarter worth $33,000. Western Wealth Management LLC bought a new stake in Iamgold during the 1st quarter valued at $43,000. EverSource Wealth Advisors LLC boosted its position in Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company's stock valued at $51,000 after buying an additional 1,150 shares during the period. Finally, Banque Cantonale Vaudoise grew its holdings in Iamgold by 617.8% in the 4th quarter. Banque Cantonale Vaudoise now owns 2,986 shares of the mining company's stock worth $49,000 after acquiring an additional 2,570 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Royal Bank Of Canada lowered their price objective on shares of Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Bank of America lowered their price target on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Jefferies Financial Group initiated coverage on Iamgold in a report on Thursday. They issued a "buy" rating and a $24.00 price objective for the company. Weiss Ratings lowered Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Finally, Wall Street Zen raised Iamgold from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Iamgold Trading Up 3.1%

NYSE IAG opened at $21.80 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. Iamgold Corporation has a twelve month low of $8.73 and a twelve month high of $24.87. The firm has a market capitalization of $12.52 billion, a PE ratio of 11.01, a P/E/G ratio of 1.12 and a beta of 1.32. The stock's 50 day moving average is $16.35 and its 200 day moving average is $18.03.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last issued its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Research analysts forecast that Iamgold Corporation will post 1.92 earnings per share for the current fiscal year.

About Iamgold

IAMGOLD Corporation, founded in 1990 and headquartered in Toronto, is a mid-tier gold producer engaged in the exploration, development and operation of gold mining assets. The company’s primary focus is on the discovery and extraction of gold, with a portfolio that spans both operating mines and advanced development projects. IAMGOLD combines in-house technical expertise with strategic partnerships to advance projects from exploration through to production.

The company’s principal producing assets include the Essakane gold mine in Burkina Faso, which began commercial production in 2010, and the Westwood underground gold mine in Quebec’s Abitibi region.

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