UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Invests $2.59 Million in Iamgold Corporation $IAG

Key Points

• UBS Asset Management acquired 163,725 Iamgold shares during the second quarter, valued at approximately $2.59 million. Institutional investors now own 47.08% of the company.
• Analysts maintain a generally positive outlook, with Iamgold carrying a “Moderate Buy” consensus rating and an average price target of $21.33; targets range from $20 to $24.
• Iamgold reported quarterly EPS of $0.42, matching estimates, while revenue of $845.97 million fell short of the $882.92 million consensus forecast. Shares opened at $20.05, down 2.4%.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 163,725 shares of the mining company's stock, valued at approximately $2,593,000.

Several other institutional investors have also recently modified their holdings of IAG. Banque Transatlantique SA bought a new stake in Iamgold in the 2nd quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. bought a new position in Iamgold during the second quarter valued at approximately $28,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold during the fourth quarter worth approximately $33,000. Western Wealth Management LLC purchased a new position in shares of Iamgold during the first quarter worth approximately $43,000. Finally, Banque Cantonale Vaudoise lifted its holdings in shares of 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.

Wall Street Analyst Weigh In

IAG has been the subject of a number of research reports. Royal Bank Of Canada cut 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. Raymond James Financial upped their price target on shares of Iamgold from $20.00 to $21.00 and gave the company a "market perform" rating in a research report on Friday, September 4th. Scotiabank raised their price objective on Iamgold from $22.00 to $23.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. Jefferies Financial Group started coverage on Iamgold in a report on Thursday, August 20th. They issued a "buy" rating and a $24.00 price objective on the stock. Finally, Wall Street Zen raised Iamgold from a "hold" rating to a "buy" rating in a research note on Saturday, August 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.33.

Iamgold Stock Down 2.4%

Shares of Iamgold stock opened at $20.05 on Friday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. Iamgold Corporation has a 52-week low of $10.65 and a 52-week high of $24.87. The company's 50 day moving average price is $17.45 and its 200-day moving average price is $18.00. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 1.09 and a beta of 1.40.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts' consensus estimates of $0.42. The company had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Equities research analysts forecast that Iamgold Corporation will post 1.91 EPS for the current year.

About Iamgold

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold's principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.

Want to see what other hedge funds are holding IAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.