Vanguard Group Inc. Acquires 361,608 Shares of Iamgold Corporation $IAG

Key Points

• Vanguard Group Inc. increased its stake in Iamgold Corporation by 1.7%, owning approximately 3.76% of the company, equating to about $134.76 million after acquiring an additional 361,608 shares.
• Despite the stake increase by Vanguard, Iamgold reported earnings of $0.13 per share for the last quarter, missing estimates of $0.14.
• The average analyst rating for Iamgold is classified as a "Moderate Buy," with a consensus target price set at $8.53 per share.

Vanguard Group Inc. increased its stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 1.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 21,594,479 shares of the mining company's stock after purchasing an additional 361,608 shares during the period. Vanguard Group Inc. owned 3.76% of Iamgold worth $134,764,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Iamgold by 0.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 600,647 shares of the mining company's stock valued at $3,099,000 after acquiring an additional 5,053 shares in the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Iamgold by 63.3% in the 4th quarter. Tudor Investment Corp ET AL now owns 18,986 shares of the mining company's stock valued at $98,000 after acquiring an additional 7,359 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Iamgold by 2.5% in the 1st quarter. Cetera Investment Advisers now owns 311,376 shares of the mining company's stock valued at $1,946,000 after acquiring an additional 7,677 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Iamgold by 4.0% in the 4th quarter. Geode Capital Management LLC now owns 274,756 shares of the mining company's stock valued at $1,435,000 after acquiring an additional 10,468 shares in the last quarter. Finally, Alpha Omega Wealth Management LLC purchased a new stake in shares of Iamgold in the 1st quarter valued at about $75,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Raymond James Financial upgraded Iamgold to a "hold" rating and set a $8.00 price objective on the stock in a research report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, June 24th. Zacks Research lowered Iamgold from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. CIBC reiterated an "outperform" rating on shares of Iamgold in a research report on Tuesday, July 15th. Finally, Scotiabank increased their price objective on Iamgold from $7.50 to $7.75 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $8.53.

Iamgold Trading Down 1.2%

IAG traded down $0.11 on Wednesday, hitting $8.98. 694,262 shares of the company were exchanged, compared to its average volume of 14,004,423. The firm has a fifty day simple moving average of $7.47 and a two-hundred day simple moving average of $6.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. Iamgold Corporation has a 12 month low of $4.44 and a 12 month high of $9.12. The stock has a market capitalization of $5.16 billion, a PE ratio of 6.44, a price-to-earnings-growth ratio of 0.29 and a beta of 1.08.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last posted its quarterly earnings results 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 the consensus estimate of $663.21 million. Sell-side analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current year.

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.