Van ECK Associates Corp Has $603.74 Million Stock Holdings in Iamgold Corporation $IAG

Van ECK Associates Corp raised its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 2.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,110,975 shares of the mining company’s stock after purchasing an additional 985,939 shares during the period. Van ECK Associates Corp owned approximately 0.07% of Iamgold worth $603,742,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FIL Ltd increased its stake in shares of Iamgold by 124.0% in the 4th quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after purchasing an additional 20,134,496 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Iamgold by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after buying an additional 1,068,465 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Iamgold during the 2nd quarter worth $350,145,000. Donald Smith & CO. Inc. acquired a new stake in Iamgold in the second quarter valued at about $206,146,000. Finally, Bank of America Corp DE boosted its stake in Iamgold by 16.4% in the third quarter. Bank of America Corp DE now owns 11,194,505 shares of the mining company’s stock valued at $144,745,000 after buying an additional 1,581,064 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Iamgold Price Performance

Iamgold stock opened at $20.60 on Friday. The stock has a 50-day moving average price of $16.68 and a two-hundred day moving average price of $18.11. Iamgold Corporation has a 12 month low of $8.97 and a 12 month high of $24.87. The company has a market capitalization of $11.83 billion, a PE ratio of 10.40, a P/E/G ratio of 1.14 and a beta of 1.32. 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 (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The company had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Analysts expect that Iamgold Corporation will post 1.92 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on IAG shares. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. Jefferies Financial Group started coverage on shares of Iamgold in a research note on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target on the stock. Scotiabank upped their price objective on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Royal Bank Of Canada cut their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.00.

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.