13,014,250 Shares in Iamgold Corporation $IAG Bought by Donald Smith & CO. Inc.

Donald Smith & CO. Inc. bought a new position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 13,014,250 shares of the mining company’s stock, valued at approximately $206,146,000. Iamgold comprises approximately 3.6% of Donald Smith & CO. Inc.’s investment portfolio, making the stock its 8th largest position.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Walleye Capital LLC acquired a new stake in shares of Iamgold during the second quarter worth about $12,969,000. PKO Investment Management Joint Stock Co grew its position in shares of Iamgold by 42.1% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock valued at $4,464,000 after purchasing an additional 80,000 shares during the period. Vanguard Group Inc. grew its position in shares of Iamgold by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock valued at $393,328,000 after purchasing an additional 1,068,465 shares during the period. Bank of America Corp DE increased its stake in Iamgold by 4.7% during the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock worth $180,471,000 after purchasing an additional 434,188 shares in the last quarter. Finally, L1 Capital Pty Ltd increased its stake in Iamgold by 961.5% during the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock worth $20,647,000 after purchasing an additional 1,134,119 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on IAG shares. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Royal Bank Of Canada lowered their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Jefferies Financial Group initiated coverage on shares of Iamgold in a report on Thursday. They set a “buy” rating and a $24.00 price objective on the stock. Finally, Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Iamgold currently has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Iamgold Stock Up 3.0%

Shares of IAG stock opened at $21.11 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Iamgold Corporation has a 1 year low of $8.29 and a 1 year high of $24.87. The firm’s fifty day moving average price is $16.27 and its two-hundred day moving average price is $18.01. The firm has a market capitalization of $12.12 billion, a P/E ratio of 10.66, a PEG ratio of 1.09 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. On average, equities analysts predict that Iamgold Corporation will post 1.91 EPS for the current fiscal 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.