Iamgold Corporation $IAG Shares Purchased by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. boosted its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 86.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,993,050 shares of the mining company’s stock after purchasing an additional 924,140 shares during the period. Iamgold makes up 1.0% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 25th largest holding. Hillsdale Investment Management Inc.’s holdings in Iamgold were worth $37,471,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of IAG. Banque Transatlantique SA purchased a new stake in shares of Iamgold in the second quarter valued at about $26,000. Pin Oak Investment Advisors Inc. purchased a new position in shares of Iamgold during the fourth quarter worth about $30,000. Global Retirement Partners LLC purchased a new position in shares of Iamgold during the fourth quarter worth about $33,000. FNY Investment Advisers LLC purchased a new position in shares of Iamgold during the fourth quarter worth about $38,000. Finally, LOM Asset Management Ltd acquired a new position in Iamgold in the 4th quarter valued at about $49,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Bank of America reduced their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Royal Bank Of Canada lowered their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.60.

Iamgold Trading Down 3.3%

NYSE:IAG opened at $14.81 on Tuesday. The stock has a fifty day moving average price of $16.73 and a two-hundred day moving average price of $18.38. The stock has a market capitalization of $8.57 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 0.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.21 and a current ratio of 1.89. Iamgold Corporation has a 1 year low of $6.69 and a 1 year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, sell-side analysts anticipate that Iamgold Corporation will post 2.07 earnings per share for the current fiscal year.

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.