22,105,100 Shares in Iamgold Corporation $IAG Acquired by BlackRock Inc.

BlackRock Inc. bought a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the 2nd quarter, HoldingsChannel reports. The firm bought 22,105,100 shares of the mining company’s stock, valued at approximately $350,145,000.

Other hedge funds have also recently modified their holdings of the company. Mariner LLC boosted its position in shares of Iamgold by 0.6% during the fourth quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock valued at $1,814,000 after buying an additional 615 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in Iamgold by 1.9% in the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock worth $612,000 after buying an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Iamgold by 73.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock worth $51,000 after buying an additional 1,150 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in Iamgold by 0.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock valued at $2,849,000 after acquiring an additional 1,303 shares during the period. Finally, Northwest & Ethical Investments L.P. lifted its stake in Iamgold by 0.4% during the 4th quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock valued at $5,716,000 after acquiring an additional 1,424 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

IAG has been the topic of a number of recent analyst reports. Jefferies Financial Group began coverage on shares of Iamgold in a report on Thursday, August 20th. They set a “buy” rating and a $24.00 price target on the stock. Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday. Royal Bank Of Canada cut their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Finally, Bank of America decreased their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Iamgold Trading Up 1.6%

Shares of NYSE:IAG opened at $22.16 on Wednesday. The stock’s 50-day simple moving average is $16.43 and its two-hundred day simple moving average is $18.05. The stock has a market capitalization of $12.72 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 1.16 and a beta of 1.32. Iamgold Corporation has a 52-week low of $8.86 and a 52-week high of $24.87. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share for the quarter, hitting the consensus estimate of $0.42. Iamgold had a net margin of 31.40% and a return on equity of 28.97%. The firm had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Analysts expect that Iamgold Corporation will post 1.92 EPS 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.