Connor Clark & Lunn Investment Management Ltd. Increases Stake in Iamgold Corporation $IAG

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 297.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,385,710 shares of the mining company’s stock after purchasing an additional 2,533,573 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.59% of Iamgold worth $43,732,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of Iamgold by 113.5% during the third quarter. BNP Paribas Financial Markets now owns 91,491 shares of the mining company’s stock valued at $1,183,000 after buying an additional 48,630 shares during the last quarter. PCJ Investment Counsel Ltd. raised its holdings in Iamgold by 71.8% in the 3rd quarter. PCJ Investment Counsel Ltd. now owns 747,070 shares of the mining company’s stock worth $9,650,000 after acquiring an additional 312,140 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Iamgold by 46.9% in the 3rd quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after acquiring an additional 3,567,399 shares during the last quarter. Van ECK Associates Corp lifted its position in Iamgold by 35.7% in the 3rd quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock valued at $672,253,000 after acquiring an additional 13,691,148 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. purchased a new stake in Iamgold during the 3rd quarter valued at $5,172,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Stock Performance

Shares of IAG opened at $21.38 on Friday. The firm has a market capitalization of $12.61 billion, a P/E ratio of 18.59, a PEG ratio of 1.73 and a beta of 1.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. Iamgold Corporation has a one year low of $5.35 and a one year high of $24.87. The business has a fifty day moving average of $20.32 and a 200 day moving average of $15.66.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.15. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. As a group, sell-side analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current year.

Insider Buying and Selling at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the transaction, the director owned 20,000 shares of the company’s stock, valued at approximately $657,400. This trade represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

IAG has been the subject of a number of research analyst reports. Wall Street Zen raised Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Scotiabank increased their price objective on Iamgold to $25.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Zacks Research upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. TD Securities reissued a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $17.75.

Iamgold Profile

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.