PCJ Investment Counsel Ltd. Boosts Holdings in Iamgold Corporation $IAG

PCJ Investment Counsel Ltd. lifted its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 71.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 747,070 shares of the mining company’s stock after buying an additional 312,140 shares during the quarter. Iamgold comprises 2.7% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 9th biggest position. PCJ Investment Counsel Ltd. owned about 0.13% of Iamgold worth $9,650,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of IAG. Mackenzie Financial Corp raised its holdings in Iamgold by 46.9% during the 3rd quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock valued at $144,430,000 after acquiring an additional 3,567,399 shares during the period. Van ECK Associates Corp lifted its position in shares of Iamgold by 35.7% during the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after acquiring an additional 13,691,148 shares in the last quarter. BW Gestao de Investimentos Ltda. bought a new position in shares of Iamgold in the third quarter worth $5,172,000. Legal & General Group Plc boosted its holdings in shares of Iamgold by 27.1% in the third quarter. Legal & General Group Plc now owns 2,201,572 shares of the mining company’s stock worth $28,449,000 after acquiring an additional 469,870 shares during the period. Finally, Swiss National Bank grew its position in shares of Iamgold by 1.7% in the third quarter. Swiss National Bank now owns 1,124,500 shares of the mining company’s stock valued at $14,534,000 after purchasing an additional 18,600 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Trading Up 1.8%

Iamgold stock opened at $22.25 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. Iamgold Corporation has a fifty-two week low of $5.17 and a fifty-two week high of $24.87. The stock has a market cap of $13.12 billion, a P/E ratio of 19.34, a PEG ratio of 1.73 and a beta of 1.33. The firm’s fifty day moving average price is $20.12 and its 200-day moving average price is $15.57.

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IAG shares. Scotiabank boosted their price objective on Iamgold to $25.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. Wall Street Zen raised Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. TD Securities reissued a “buy” rating on shares of Iamgold in a report on Thursday, February 19th. Finally, Zacks Research raised shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $17.75.

Insider Buying and Selling at Iamgold

In other Iamgold news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the sale, the director owned 20,000 shares of the company’s stock, valued at $657,400. This trade represents a 60.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by insiders.

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.