UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases New Position in Iamgold Corporation $IAG

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 163,725 shares of the mining company’s stock, valued at approximately $2,593,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Van ECK Associates Corp grew its position in shares of Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after buying an additional 985,939 shares during the last quarter. Navellier & Associates Inc. raised its holdings in shares of Iamgold by 6.4% during the second quarter. Navellier & Associates Inc. now owns 118,764 shares of the mining company’s stock valued at $1,881,000 after acquiring an additional 7,195 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in Iamgold in the second quarter worth $263,000. Pin Oak Investment Advisors Inc. purchased a new stake in Iamgold in the second quarter worth $28,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Iamgold in the second quarter valued at $3,699,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Price Performance

Shares of IAG opened at $20.05 on Friday. Iamgold Corporation has a fifty-two week low of $10.65 and a fifty-two week high of $24.87. The firm’s 50-day simple moving average is $17.45 and its two-hundred day simple moving average is $18.00. The stock has a market cap of $11.46 billion, a PE ratio of 10.13, a price-to-earnings-growth ratio of 1.09 and a beta of 1.40. 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 released its earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting 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 during the quarter, compared to analyst estimates of $882.92 million. Analysts anticipate that Iamgold Corporation will post 1.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IAG has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Royal Bank Of Canada dropped 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. Jefferies Financial Group began coverage on shares of Iamgold in a research note on Thursday, August 20th. They set a “buy” rating and a $24.00 target price on the stock. Bank of America reduced their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Scotiabank increased their price target on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Iamgold Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.