Legal & General Group Plc Decreases Holdings in Iamgold Corporation $IAG

Legal & General Group Plc trimmed its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 12.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,922,766 shares of the mining company’s stock after selling 278,806 shares during the quarter. Legal & General Group Plc’s holdings in Iamgold were worth $31,771,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Tsfg LLC purchased a new stake in shares of Iamgold during the 3rd quarter valued at about $26,000. Banque Transatlantique SA purchased a new stake in shares of Iamgold during the 2nd quarter valued at about $26,000. Global Retirement Partners LLC purchased a new stake in shares of Iamgold during the 4th quarter valued at about $33,000. FNY Investment Advisers LLC purchased a new stake in shares of Iamgold during the 4th quarter valued at about $38,000. Finally, LOM Asset Management Ltd purchased a new stake in shares of Iamgold during the 4th quarter valued at about $49,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Performance

Iamgold stock opened at $17.91 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.89 and a quick ratio of 1.21. Iamgold Corporation has a 1-year low of $6.68 and a 1-year high of $24.87. The firm has a market capitalization of $10.35 billion, a P/E ratio of 10.41, a price-to-earnings-growth ratio of 0.87 and a beta of 1.26. The company’s 50-day moving average is $17.92 and its 200 day moving average is $18.08.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. Research analysts forecast that Iamgold Corporation will post 2.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on IAG. TD Securities reiterated a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 30th. Scotiabank increased their price objective on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. One research analyst has 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 MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.75.

About Iamgold

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.