Marex Group plc Purchases New Position in Iamgold Corporation $IAG

Marex Group plc purchased a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 91,918 shares of the mining company’s stock, valued at approximately $677,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Iamgold by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 21,594,479 shares of the mining company’s stock worth $134,764,000 after purchasing an additional 361,608 shares during the last quarter. Invesco Ltd. boosted its position in Iamgold by 19.6% in the first 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 in the last quarter. Nuveen LLC acquired a new position in Iamgold in the first quarter valued at about $20,620,000. HighTower Advisors LLC bought a new stake in Iamgold during the first quarter worth about $2,233,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Iamgold during the first quarter worth approximately $274,000. 47.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on IAG. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Stifel Canada upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Raymond James Financial upped their target price on shares of Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. Royal Bank Of Canada raised shares of Iamgold from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $9.00 to $14.00 in a research note on Wednesday, September 10th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.25.

Iamgold Price Performance

Shares of IAG opened at $15.83 on Monday. The stock has a market cap of $9.11 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 0.43 and a beta of 1.38. Iamgold Corporation has a 1 year low of $4.98 and a 1 year high of $16.38. The stock’s 50-day moving average price is $13.54 and its two-hundred day moving average price is $10.30. The company has a current ratio of 1.68, a quick ratio of 0.95 and a debt-to-equity ratio of 0.27.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a return on equity of 10.39% and a net margin of 15.39%.The company had revenue of $714.61 million during the quarter, compared to analysts’ expectations of $759.45 million. On average, equities analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

About Iamgold

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.