Allianz Asset Management GmbH Buys 497,746 Shares of Iamgold Corporation $IAG

Allianz Asset Management GmbH raised its holdings in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 4,473.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 508,872 shares of the mining company’s stock after acquiring an additional 497,746 shares during the quarter. Allianz Asset Management GmbH’s holdings in Iamgold were worth $3,740,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of Iamgold by 272.9% in the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock valued at $26,000 after acquiring an additional 2,623 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Iamgold in the 1st quarter valued at about $35,000. Avantax Advisory Services Inc. purchased a new stake in shares of Iamgold in the 1st quarter valued at about $86,000. Vident Advisory LLC purchased a new stake in shares of Iamgold in the 1st quarter valued at about $92,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in shares of Iamgold in the 2nd quarter valued at about $92,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Price Performance

IAG opened at $12.04 on Friday. The stock’s 50 day simple moving average is $11.24 and its 200 day simple moving average is $8.55. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. Iamgold Corporation has a 1 year low of $4.89 and a 1 year high of $14.67. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of 8.66, a PEG ratio of 0.43 and a beta of 1.24.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, August 7th. The mining company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.01). Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The company had revenue of $587.21 million for the quarter, compared to the consensus estimate of $663.21 million. As a group, analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on IAG shares. Scotiabank raised their price target on Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Raymond James Financial raised their price objective on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Finally, Royal Bank Of Canada raised Iamgold from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Three equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $15.25.

Iamgold Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.