The Manufacturers Life Insurance Company Increases Position in Iamgold Corporation $IAG

The Manufacturers Life Insurance Company lifted its stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 63.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,493,731 shares of the mining company’s stock after purchasing an additional 1,752,377 shares during the period. The Manufacturers Life Insurance Company’s holdings in Iamgold were worth $84,472,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Banque Transatlantique SA purchased a new stake in Iamgold during the second quarter worth about $26,000. Pin Oak Investment Advisors Inc. purchased a new position in Iamgold in the fourth quarter valued at about $30,000. Global Retirement Partners LLC purchased a new position in Iamgold in the fourth quarter valued at about $33,000. FNY Investment Advisers LLC acquired a new stake in shares of Iamgold during the 4th quarter valued at approximately $38,000. Finally, LOM Asset Management Ltd acquired a new stake in shares of Iamgold during the 4th quarter valued at approximately $49,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Royal Bank Of Canada lowered their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Scotiabank decreased their target price on Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen lowered Iamgold from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Finally, Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Iamgold currently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Stock Performance

Shares of IAG opened at $13.91 on Thursday. Iamgold Corporation has a 12-month low of $6.69 and a 12-month high of $24.87. The stock has a market cap of $7.99 billion, a P/E ratio of 8.09, a PEG ratio of 0.63 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 company has a 50-day moving average of $15.95 and a two-hundred day moving average of $18.19.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. As a group, research analysts predict that Iamgold Corporation will post 1.98 EPS for the current fiscal year.

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.