Todd Asset Management LLC Invests $3.98 Million in Iamgold Corporation (NYSE:IAG)

Key Points

• Todd Asset Management LLC has made a new investment of approximately $3.98 million in Iamgold Corporation, acquiring 636,000 shares during the first quarter.
• As of now, approximately 47.08% of Iamgold's stock is owned by hedge funds and other institutional investors, with recent purchases from several firms boosting their stakes.
• Iamgold's recent earnings report showed a loss of $0.01 per share compared to analysts' expectations, with reported revenue significantly below consensus estimates for the quarter.

Todd Asset Management LLC acquired a new stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 636,000 shares of the mining company's stock, valued at approximately $3,975,000. Todd Asset Management LLC owned 0.11% of Iamgold at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new position in shares of Iamgold during the first quarter valued at about $20,620,000. Invesco Ltd. grew its holdings in Iamgold by 19.6% in the first quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company's stock worth $53,352,000 after purchasing an additional 1,396,354 shares during the period. Measured Wealth Private Client Group LLC grew its holdings in shares of Iamgold by 25.9% during the first quarter. Measured Wealth Private Client Group LLC now owns 85,897 shares of the mining company's stock valued at $537,000 after buying an additional 17,681 shares during the last quarter. PCJ Investment Counsel Ltd. grew its holdings in shares of Iamgold by 161.1% during the first quarter. PCJ Investment Counsel Ltd. now owns 584,140 shares of the mining company's stock valued at $3,646,000 after buying an additional 360,380 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Iamgold by 20.8% in the first quarter. Deutsche Bank AG now owns 1,635,502 shares of the mining company's stock worth $10,222,000 after purchasing an additional 281,674 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Iamgold Stock Up 1.8%

Shares of IAG traded up $0.14 during mid-day trading on Friday, reaching $8.14. 17,593,072 shares of the stock traded hands, compared to its average volume of 13,376,783. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 5.86, a P/E/G ratio of 0.25 and a beta of 1.08. The stock has a fifty day simple moving average of $7.32 and a 200 day simple moving average of $6.77. The company has a quick ratio of 0.83, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. Iamgold Corporation has a 12-month low of $4.44 and a 12-month high of $8.38.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings data on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $663.21 million. Sell-side analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research note on Tuesday, June 24th. CIBC reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price target for the company in a research note on Monday, June 30th. Finally, Scotiabank lifted their price target on shares of Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a report on Monday, May 12th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Iamgold has a consensus rating of "Moderate Buy" and an average target price of $8.53.

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.