Cardinal Point Capital Management ULC Sells 17,800 Shares of Iamgold Corporation $IAG

Cardinal Point Capital Management ULC reduced its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 29.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,250 shares of the mining company’s stock after selling 17,800 shares during the quarter. Cardinal Point Capital Management ULC’s holdings in Iamgold were worth $318,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Iamgold by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company’s stock worth $134,764,000 after acquiring an additional 361,608 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Iamgold by 19.0% in the 1st quarter. American Century Companies Inc. now owns 12,092,101 shares of the mining company’s stock valued at $75,489,000 after buying an additional 1,929,787 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Iamgold by 19.6% in the 1st quarter. Invesco Ltd. now owns 8,536,289 shares of the mining company’s stock valued at $53,352,000 after buying an additional 1,396,354 shares during the last quarter. T. Rowe Price Investment Management Inc. acquired a new stake in shares of Iamgold in the 1st quarter valued at approximately $45,911,000. Finally, Sprott Inc. boosted its holdings in shares of Iamgold by 5.1% in the 1st quarter. Sprott Inc. now owns 5,952,037 shares of the mining company’s stock valued at $37,196,000 after buying an additional 287,710 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

Iamgold Stock Down 1.4%

IAG opened at $11.88 on Friday. Iamgold Corporation has a fifty-two week low of $4.89 and a fifty-two week high of $14.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47. The company has a market capitalization of $6.83 billion, a P/E ratio of 8.54, a P/E/G ratio of 0.43 and a beta of 1.24. The stock has a fifty day moving average of $11.32 and a 200-day moving average of $8.59.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Royal Bank Of Canada raised Iamgold from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $9.00 to $14.00 in a report on Wednesday, September 10th. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. 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. Finally, Raymond James Financial raised their price target on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price 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.