William Blair Investment Management LLC Takes Position in Iamgold Corporation $IAG

Key Points

• William Blair Investment Management acquired 714,288 Iamgold shares worth approximately $11.3 million, while several other institutional investors also initiated positions. Institutions now own about 47.08% of the company.
• Analyst sentiment is generally positive: Iamgold has a consensus rating of “Moderate Buy” and an average price target of $20, with Jefferies initiating coverage at “Buy” and a $24 target.
• Iamgold reported quarterly EPS of $0.42, in line with expectations, but revenue of $845.97 million fell short of the $882.92 million consensus estimate. Shares opened at $21.11, with a market capitalization of approximately $12.12 billion.

William Blair Investment Management LLC acquired a new position in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 714,288 shares of the mining company's stock, valued at approximately $11,314,000. William Blair Investment Management LLC owned approximately 0.12% of Iamgold as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Callan Family Office LLC purchased a new position in shares of Iamgold in the 2nd quarter worth approximately $191,000. Donald Smith & CO. Inc. purchased a new stake in shares of Iamgold during the second quarter valued at approximately $206,146,000. Ninepoint Partners LP bought a new stake in Iamgold during the second quarter worth $6,429,000. E Fund Management Co. Ltd. bought a new stake in Iamgold during the second quarter worth $281,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in Iamgold in the second quarter worth $6,658,000. Institutional investors own 47.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Bank of America decreased their target price on Iamgold from $22.50 to $21.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Scotiabank boosted their price target on shares of Iamgold from $22.00 to $23.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 12th. Weiss Ratings lowered shares of Iamgold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 9th. Jefferies Financial Group initiated coverage on shares of Iamgold in a research report on Thursday. They set a "buy" rating and a $24.00 price target for the company. Finally, Wall Street Zen upgraded shares of Iamgold from a "hold" rating to a "buy" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Iamgold currently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

Iamgold Trading Down 0.1%

Shares of IAG opened at $21.11 on Monday. Iamgold Corporation has a fifty-two week low of $8.29 and a fifty-two week high of $24.87. The business has a 50-day moving average of $16.27 and a 200 day moving average of $18.01. The firm has a market cap of $12.12 billion, a P/E ratio of 10.66, a price-to-earnings-growth ratio of 1.12 and a beta of 1.32. 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 (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42. The business had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. As a group, research analysts forecast that Iamgold Corporation will post 1.92 EPS for the current year.

About Iamgold

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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