Triasima Portfolio Management inc. Purchases New Stake in Iamgold Corporation $IAG

Triasima Portfolio Management inc. acquired a new position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 292,163 shares of the mining company’s stock, valued at approximately $5,398,000.

Several other institutional investors also recently modified their holdings of the company. PenderFund Capital Management Ltd. bought a new stake in Iamgold in the second quarter valued at $471,000. Walleye Capital LLC acquired a new position in Iamgold during the second quarter worth $12,969,000. RFG Advisory LLC bought a new position in shares of Iamgold during the second quarter valued at $1,146,000. BlackRock Inc. bought a new position in shares of Iamgold during the second quarter valued at $350,145,000. Finally, Amundi lifted its holdings in shares of Iamgold by 2.2% during the second quarter. Amundi now owns 3,573,720 shares of the mining company’s stock valued at $56,608,000 after acquiring an additional 76,545 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Iamgold Stock Performance

NYSE:IAG opened at $17.75 on Friday. The stock has a market capitalization of $10.10 billion, a P/E ratio of 8.97, a price-to-earnings-growth ratio of 1.23 and a beta of 1.41. The company has a current ratio of 1.71, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Iamgold Corporation has a 1 year low of $10.87 and a 1 year high of $24.87. The firm has a 50 day moving average of $19.49 and a 200-day moving average of $17.74.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, hitting analysts’ consensus estimates of $0.42. The business had revenue of $845.97 million for the quarter, compared to analyst estimates of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. As a group, sell-side analysts anticipate that Iamgold Corporation will post 1.90 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on IAG shares. Freedom Broker started coverage on shares of Iamgold in a research note on Wednesday, October 7th. They issued a “buy” rating and a $23.00 target price on the stock. Bank of America dropped their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Scotiabank increased their target price on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. Weiss Ratings raised shares of Iamgold from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Finally, Jefferies Financial Group assumed coverage on shares of Iamgold in a research report on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Iamgold has a consensus rating of “Moderate Buy” and an average price target of $22.50.

About Iamgold

IAMGOLD Corporation is a Canadian mining company focused on the exploration, development and production of gold. The company’s activities include operating mines, advancing development projects and evaluating mineral properties in established mining regions.

IAMGOLD’s portfolio includes the Essakane gold mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood project in Quebec. Côté Gold is operated through a partnership with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project.