Ninepoint Partners LP Buys New Position in Iamgold Corporation $IAG

Ninepoint Partners LP purchased a new position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 405,892 shares of the mining company’s stock, valued at approximately $6,429,000. Ninepoint Partners LP owned 0.07% of Iamgold as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in IAG. E Fund Management Co. Ltd. bought a new position in Iamgold in the 2nd quarter worth $281,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Iamgold during the second quarter valued at about $6,658,000. BlackRock Inc. bought a new position in Iamgold in the second quarter worth about $350,145,000. Deutsche Bank AG purchased a new stake in Iamgold in the second quarter worth about $41,399,000. Finally, Alberta Investment Management Corp purchased a new stake in Iamgold in the second quarter worth about $2,489,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IAG has been the topic of a number of research analyst reports. Royal Bank Of Canada reduced their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Wall Street Zen cut Iamgold from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Scotiabank lifted their price target on Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 12th. Weiss Ratings cut Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. Finally, Jefferies Financial Group began coverage on Iamgold in a report on Thursday. They issued a “buy” rating and a $24.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Iamgold has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Iamgold Price Performance

IAG opened at $20.50 on Friday. The firm has a market cap of $11.77 billion, a PE ratio of 10.35, a P/E/G ratio of 1.05 and a beta of 1.32. The stock has a 50-day moving average price of $16.18 and a 200-day moving average price of $17.99. Iamgold Corporation has a 1 year low of $8.14 and a 1 year high of $24.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. The business had revenue of $845.97 million during the quarter, compared to analyst estimates of $882.92 million. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. Sell-side analysts predict that Iamgold Corporation will post 1.91 earnings per share for the current fiscal year.

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.