Legal & General Group Plc Takes Position in Iamgold Corporation $IAG

Legal & General Group Plc purchased a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 2,402,243 shares of the mining company’s stock, valued at approximately $38,114,000.

Other institutional investors have also recently bought and sold shares of the company. Walleye Capital LLC acquired a new position in Iamgold in the second quarter valued at approximately $12,969,000. PKO Investment Management Joint Stock Co grew its position in shares of Iamgold by 42.1% during the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock worth $4,464,000 after buying an additional 80,000 shares during the period. Vanguard Group Inc. grew its position in shares of Iamgold by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after buying an additional 1,068,465 shares during the period. Bank of America Corp DE increased its stake in shares of Iamgold by 4.7% in the 1st quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after acquiring an additional 434,188 shares in the last quarter. Finally, L1 Capital Pty Ltd increased its stake in shares of Iamgold by 961.5% in the 4th quarter. L1 Capital Pty Ltd now owns 1,252,077 shares of the mining company’s stock valued at $20,647,000 after acquiring an additional 1,134,119 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Bank of America cut their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group started coverage on shares of Iamgold in a research note on Thursday, August 20th. They issued a “buy” rating and a $24.00 price target for the company. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Finally, Scotiabank raised their target price on Iamgold from $22.00 to $23.00 and gave the company 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 assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Iamgold Trading Down 4.4%

NYSE IAG opened at $20.60 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. Iamgold Corporation has a 52 week low of $8.97 and a 52 week high of $24.87. The business has a 50 day moving average price of $16.68 and a 200-day moving average price of $18.11. The company has a market cap of $11.83 billion, a price-to-earnings ratio of 10.40, a P/E/G ratio of 1.14 and a beta of 1.32.

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