Cibc World Market Inc. Acquires New Position in Iamgold Corporation $IAG

Cibc World Market Inc. acquired a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,605,678 shares of the mining company’s stock, valued at approximately $41,320,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $350,145,000. FIL Ltd boosted its stake in shares of Iamgold by 124.0% in the fourth quarter. FIL Ltd now owns 36,367,149 shares of the mining company’s stock valued at $600,135,000 after buying an additional 20,134,496 shares in the last quarter. Donald Smith & CO. Inc. acquired a new position in Iamgold during the second quarter worth $206,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Iamgold in the second quarter worth $158,877,000. Finally, Deutsche Bank AG acquired a new stake in Iamgold in the second quarter valued at $41,399,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Iamgold Stock Performance

NYSE IAG opened at $21.11 on Monday. The business has a 50 day moving average price of $16.27 and a 200 day moving average price of $18.01. The company has a market capitalization of $12.12 billion, a P/E ratio of 10.66, a PEG ratio of 1.12 and a beta of 1.32. Iamgold Corporation has a 1-year low of $8.29 and a 1-year high of $24.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. The company had revenue of $845.97 million for the quarter, compared to the consensus estimate of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Sell-side analysts expect that Iamgold Corporation will post 1.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on IAG. Bank of America decreased their target price 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. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday. Jefferies Financial Group assumed coverage on shares of Iamgold in a research note on Thursday. They issued a “buy” rating and a $24.00 price objective for the company. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.