Van ECK Associates Corp Sells 6,538,341 Shares of Iamgold Corporation $IAG

Van ECK Associates Corp lowered its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 12.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 45,453,726 shares of the mining company’s stock after selling 6,538,341 shares during the period. Van ECK Associates Corp owned approximately 7.69% of Iamgold worth $749,537,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of IAG. Royal Bank of Canada lifted its stake in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after purchasing an additional 84,939 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Iamgold by 6.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after purchasing an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Iamgold by 67.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after purchasing an additional 404,645 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Iamgold by 64.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after purchasing an additional 89,197 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Iamgold by 16.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock worth $3,899,000 after purchasing an additional 77,016 shares during the period. Institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on IAG. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. TD Securities reiterated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Scotiabank increased their price objective on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Finally, Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Iamgold currently has a consensus rating of “Moderate Buy” and an average price target of $17.75.

Iamgold Trading Up 2.9%

Iamgold stock opened at $16.60 on Friday. The firm has a 50 day moving average of $17.67 and a 200 day moving average of $18.28. The firm has a market capitalization of $9.60 billion, a price-to-earnings ratio of 9.65, a P/E/G ratio of 0.78 and a beta of 1.25. Iamgold Corporation has a 12-month low of $6.69 and a 12-month high of $24.87. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. As a group, research analysts predict that Iamgold Corporation will post 2.27 earnings per share for the current year.

About Iamgold

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.