David Stewart Smith Sells 31,000 Shares of Iamgold (NYSE:IAG) Stock

Iamgold Corporation (NYSE:IAG) (TSE:IMG) Director David Stewart Smith sold 31,000 shares of the company’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 completion of the transaction, the director owned 20,000 shares in the company, valued at $657,400. This represents a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Iamgold Trading Up 3.3%

Shares of Iamgold stock opened at $24.61 on Friday. The stock has a 50 day moving average of $19.39 and a 200 day moving average of $14.83. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 21.40, a PEG ratio of 0.29 and a beta of 1.36. Iamgold Corporation has a fifty-two week low of $5.02 and a fifty-two week high of $24.66.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its position in Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after purchasing an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Iamgold by 6.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after acquiring an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Iamgold by 67.4% during 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 acquiring an additional 404,645 shares in the last quarter. Y Intercept Hong Kong Ltd increased its position in shares of Iamgold by 15.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 245,547 shares of the mining company’s stock valued at $1,805,000 after purchasing an additional 32,413 shares during the last quarter. Finally, Savant Capital LLC acquired a new stake in shares of Iamgold in the 2nd quarter valued at $100,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on IAG shares. Scotiabank lifted their price target on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a research report on Wednesday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Wall Street Zen raised Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. TD Securities restated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.75.

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.