Walleye Capital LLC Decreases Stock Holdings in Iamgold Corporation $IAG

Key Points

• Walleye Capital LLC cut its Iamgold stake by 23.1% in the first quarter, selling 105,102 shares and ending with 350,271 shares worth about $6.59 million.
• Analyst sentiment remains mixed but generally positive, with Iamgold holding a consensus rating of “Moderate Buy” and an average target price of $19.00, though several firms recently lowered their price targets.
• Iamgold reported stronger-than-expected quarterly results, posting earnings of $0.66 per share versus $0.52 expected and revenue of $1.01 billion, above estimates.

Walleye Capital LLC lowered its stake in shares of Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 23.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 350,271 shares of the mining company's stock after selling 105,102 shares during the period. Walleye Capital LLC owned approximately 0.06% of Iamgold worth $6,592,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. purchased a new position in shares of Iamgold during the fourth quarter valued at approximately $30,000. Global Retirement Partners LLC purchased a new stake in Iamgold in the fourth quarter worth approximately $33,000. FNY Investment Advisers LLC purchased a new stake in Iamgold in the fourth quarter worth approximately $38,000. LOM Asset Management Ltd bought a new stake in Iamgold in the 4th quarter worth approximately $49,000. Finally, Banque Cantonale Vaudoise grew its position 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 purchasing an additional 2,570 shares during the period. Hedge funds and other institutional investors own 47.08% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Scotiabank decreased their target price on shares of Iamgold from $25.00 to $22.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 14th. Zacks Research lowered Iamgold from a "strong-buy" rating to a "hold" rating in a report on Monday, March 30th. Royal Bank Of Canada cut their price objective on Iamgold from $22.00 to $20.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Weiss Ratings cut Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Finally, Bank of America lowered their target price on Iamgold from $22.50 to $21.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Iamgold has a consensus rating of "Moderate Buy" and an average target price of $19.00.

Iamgold Stock Performance

Shares of NYSE IAG opened at $15.14 on Thursday. Iamgold Corporation has a 12-month low of $6.69 and a 12-month high of $24.87. The firm has a market capitalization of $8.69 billion, a price-to-earnings ratio of 8.80, a price-to-earnings-growth ratio of 0.66 and a beta of 1.30. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The firm has a 50 day moving average of $16.20 and a 200 day moving average of $18.27.

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 for the quarter, topping the consensus estimate of $0.52 by $0.14. The business 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 26.65%. On average, research analysts anticipate that Iamgold Corporation will post 1.98 earnings per share for the current year.

Iamgold 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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