Gabelli Funds LLC Increases Stake in Iamgold Corporation $IAG

Gabelli Funds LLC increased its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 10.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,290,700 shares of the mining company’s stock after buying an additional 214,200 shares during the period. Gabelli Funds LLC’s holdings in Iamgold were worth $37,774,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its stake in shares of Iamgold by 0.6% during the third quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock valued at $2,849,000 after buying an additional 1,303 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in shares of Iamgold by 4.3% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 38,499 shares of the mining company’s stock valued at $498,000 after buying an additional 1,598 shares during the period. Tsfg LLC purchased a new position in shares of Iamgold during the third quarter valued at $26,000. FNY Investment Advisers LLC purchased a new position in shares of Iamgold during the fourth quarter valued at $38,000. Finally, Creative Planning increased its stake in shares of Iamgold by 18.1% during the third quarter. Creative Planning now owns 15,987 shares of the mining company’s stock valued at $207,000 after buying an additional 2,451 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Insider Activity at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of Iamgold stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the sale, the director owned 20,000 shares of the company’s stock, valued at $657,400. The trade was a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by company insiders.

Iamgold Trading Down 0.1%

Iamgold stock opened at $16.97 on Monday. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. Iamgold Corporation has a 52 week low of $6.06 and a 52 week high of $24.87. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 0.83 and a beta of 1.26. The stock has a 50-day moving average price of $18.69 and a 200 day moving average price of $17.77.

Iamgold (NYSE:IAG) (TSE:IMG) last released its earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. Iamgold had a return on equity of 26.65% and a net margin of 29.49%.The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Sell-side analysts anticipate that Iamgold Corporation will post 2.24 EPS for the current year.

Analyst Upgrades and Downgrades

IAG has been the topic of several analyst reports. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research note on Tuesday, April 21st. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Finally, Scotiabank lifted their target price on Iamgold to $25.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Iamgold has an average rating of “Moderate Buy” and an average price target of $17.75.

Iamgold Company 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.