Vanguard Group Inc. Raises Stake in Iamgold Corporation $IAG

Key Points

• Vanguard increased its stake in Iamgold by 4.7% in Q4 to 23,836,156 shares, representing a 4.03% ownership position worth about $393.3 million.
• Iamgold beat Q1 estimates with EPS of $0.66 versus $0.52 and $1.01 billion in revenue; the stock has a market cap of $10.74 billion, a P/E of 10.76, and a consensus analyst rating of Moderate Buy with an average price target of $17.75.
• Institutional investors own roughly 47.08% of the company, while an insider sold 31,000 shares (now leaving insiders with 0.17% ownership), and several large funds including VanEck and Mackenzie materially increased their positions.

Vanguard Group Inc. raised its position in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 4.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,836,156 shares of the mining company's stock after purchasing an additional 1,068,465 shares during the quarter. Vanguard Group Inc. owned 4.03% of Iamgold worth $393,328,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. Rathbones Group PLC lifted its holdings in shares of Iamgold by 1,037,042.8% in the fourth quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company's stock worth $6,907,694,000 after buying an additional 418,861,592 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company's stock worth $672,253,000 after buying an additional 13,691,148 shares in the last quarter. CI Investments Inc. purchased a new position in shares of Iamgold in the third quarter worth $96,747,000. Mackenzie Financial Corp lifted its holdings in shares of Iamgold by 46.9% in the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company's stock worth $144,430,000 after buying an additional 3,567,399 shares in the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of Iamgold by 4,887.4% in the third quarter. Quadrature Capital Ltd now owns 2,670,421 shares of the mining company's stock worth $34,534,000 after buying an additional 2,616,878 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on IAG shares. Weiss Ratings reissued a "buy (b)" rating on shares of Iamgold in a report on Tuesday, April 21st. Wall Street Zen raised shares of Iamgold from a "buy" rating to a "strong-buy" rating in a report on Saturday, February 21st. Zacks Research downgraded shares of Iamgold from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. TD Securities reissued a "buy" rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Iamgold in a report on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $17.75.

Iamgold Price Performance

Iamgold stock opened at $18.51 on Thursday. The company has a market cap of $10.74 billion, a price-to-earnings ratio of 10.76, a PEG ratio of 0.84 and a beta of 1.26. The firm's fifty day moving average is $19.38 and its 200 day moving average is $17.47. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. Iamgold Corporation has a 52-week low of $6.06 and a 52-week high of $24.87.

Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 27.84%. Sell-side analysts forecast that Iamgold Corporation will post 2.18 EPS for the current fiscal year.

Insider Transactions at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of the company's stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director owned 20,000 shares of the company's stock, valued at $657,400. This represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.17% of the stock is currently owned by insiders.

Iamgold Company Profile

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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