CIBC Asset Management Inc Reduces Stake in Iamgold Corporation (NYSE:IAG)
CIBC Asset Management Inc cut its position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 1.0% during the second quarter, Holdings Channel reports. The firm owned 178,064 shares of the mining company’s stock after selling 1,799 shares during the period. CIBC Asset Management Inc’s holdings in Iamgold Corporation were worth $918,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Bennicas & Associates Inc. increased its position in Iamgold Corporation by 5.1% in the first quarter. Bennicas & Associates Inc. now owns 92,200 shares of the mining company’s stock valued at $369,000 after buying an additional 4,500 shares in the last quarter. AQR Capital Management LLC increased its stake in Iamgold Corporation by 280.7% in the fourth quarter. AQR Capital Management LLC now owns 45,137 shares of the mining company’s stock worth $175,000 after buying an additional 33,282 shares in the last quarter. Creative Planning increased its stake in Iamgold Corporation by 11.5% in the first quarter. Creative Planning now owns 98,440 shares of the mining company’s stock worth $394,000 after buying an additional 10,168 shares in the last quarter. Morgan Stanley increased its stake in Iamgold Corporation by 204.3% in the first quarter. Morgan Stanley now owns 2,237,001 shares of the mining company’s stock worth $8,949,000 after buying an additional 1,501,873 shares in the last quarter. Finally, FMR LLC purchased a new stake in Iamgold Corporation during the first quarter worth $4,943,000. 57.95% of the stock is owned by hedge funds and other institutional investors.
Iamgold Corporation (IAG) opened at 5.45 on Friday. The firm has a 50-day moving average price of $5.19 and a 200-day moving average price of $4.54. Iamgold Corporation has a 52 week low of $3.14 and a 52 week high of $5.71. The stock’s market capitalization is $2.53 billion.
Iamgold Corporation (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Wednesday, August 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. The business had revenue of $274.50 million during the quarter, compared to analyst estimates of $267.07 million. Iamgold Corporation had a return on equity of 1.43% and a net margin of 46.75%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the company earned $0.01 EPS. Equities research analysts predict that Iamgold Corporation will post $0.04 EPS for the current fiscal year.
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IAG has been the subject of a number of recent analyst reports. Credit Suisse Group raised shares of Iamgold Corporation from an “underperform” rating to a “neutral” rating and increased their target price for the company from $4.50 to $5.00 in a research report on Wednesday, May 10th. Scotiabank upgraded Iamgold Corporation from an “underperform” rating to a “sector perform” rating in a report on Wednesday, May 10th. National Bank Financial reiterated an “outperform market weight” rating on shares of Iamgold Corporation in a report on Sunday, May 14th. BMO Capital Markets set a $5.00 target price on Iamgold Corporation and gave the stock a “hold” rating in a report on Tuesday, May 16th. Finally, Bank of America Corporation upgraded Iamgold Corporation from an “underperform” rating to a “neutral” rating in a report on Tuesday, May 23rd. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $5.88.
About Iamgold Corporation
IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.
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