Edgestream Partners L.P. Cuts Position in IAMGOLD Co. (NYSE:IAG)

Edgestream Partners L.P. cut its stake in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 51.5% in the 2nd quarter, Holdings Channel reports. The fund owned 665,022 shares of the mining company’s stock after selling 705,699 shares during the quarter. Edgestream Partners L.P.’s holdings in IAMGOLD were worth $1,962,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Amundi Pioneer Asset Management Inc. boosted its position in IAMGOLD by 46.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,989,092 shares of the mining company’s stock valued at $6,902,000 after buying an additional 626,792 shares during the period. Swiss National Bank boosted its position in IAMGOLD by 1.0% during the first quarter. Swiss National Bank now owns 1,085,900 shares of the mining company’s stock valued at $3,230,000 after buying an additional 10,700 shares during the period. BlackRock Inc. purchased a new stake in IAMGOLD during the first quarter valued at about $30,000. HighTower Advisors LLC boosted its position in IAMGOLD by 10.2% during the first quarter. HighTower Advisors LLC now owns 891,851 shares of the mining company’s stock valued at $2,634,000 after buying an additional 82,740 shares during the period. Finally, Donald Smith & CO. Inc. boosted its position in IAMGOLD by 5.9% during the first quarter. Donald Smith & CO. Inc. now owns 41,973,817 shares of the mining company’s stock valued at $125,082,000 after buying an additional 2,337,151 shares during the period. Institutional investors own 45.26% of the company’s stock.

Several analysts have issued reports on the stock. Canaccord Genuity cut their price target on shares of IAMGOLD from C$4.50 to C$3.75 and set a “buy” rating for the company in a research report on Friday, July 23rd. Raymond James lowered their price objective on shares of IAMGOLD from $4.00 to $3.50 and set a “market perform” rating for the company in a research note on Friday, July 23rd. Scotiabank lowered their price objective on shares of IAMGOLD from $4.00 to $3.00 and set a “sector perform” rating for the company in a research note on Friday, July 23rd. National Bank Financial lowered their price objective on shares of IAMGOLD from C$4.00 to C$3.75 and set an “outperform” rating for the company in a research note on Friday, September 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 price objective on shares of IAMGOLD in a research note on Thursday, August 5th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.56.

IAG stock opened at $2.37 on Wednesday. IAMGOLD Co. has a 1 year low of $2.16 and a 1 year high of $4.43. The company has a market cap of $1.13 billion, a P/E ratio of 16.93, a PEG ratio of 360.00 and a beta of 0.94. The firm has a 50-day moving average of $2.52 and a 200 day moving average of $3.02. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.72 and a quick ratio of 2.04.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Wednesday, August 4th. The mining company reported ($0.01) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.02). IAMGOLD had a return on equity of 2.90% and a net margin of 5.34%. The company had revenue of $265.60 million during the quarter, compared to the consensus estimate of $276.38 million. During the same period in the previous year, the company earned $0.04 earnings per share. IAMGOLD’s quarterly revenue was down 6.7% on a year-over-year basis.

About IAMGOLD

IAMGOLD Corp. engages in the exploration, development and production of gold and mineral resource properties. It owns and operates the Westwood mine in Quebec and the Cote Gold project, a development project located in Ontario. The firm also operates the Rosebel mine in Suriname, the Essakane mine in Burkina Faso, the Saramacca project, an exploration project located in Suriname, the Boto project, an exploration project located in Senegal.

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Institutional Ownership by Quarter for IAMGOLD (NYSE:IAG)

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