Quadrature Capital Ltd Grows Position in Iamgold Corporation $IAG

Quadrature Capital Ltd grew its holdings in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 4,887.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,670,421 shares of the mining company’s stock after buying an additional 2,616,878 shares during the period. Quadrature Capital Ltd owned 0.46% of Iamgold worth $34,534,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Mackenzie Financial Corp grew its stake in Iamgold by 183.5% during the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after acquiring an additional 4,928,077 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Iamgold in the 2nd quarter worth approximately $550,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Iamgold by 28.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company’s stock worth $7,602,000 after purchasing an additional 130,400 shares during the last quarter. Waratah Capital Advisors Ltd. acquired a new position in shares of Iamgold during the 2nd quarter worth approximately $1,868,000. Finally, Allspring Global Investments Holdings LLC grew its position in shares of Iamgold by 33.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock valued at $45,318,000 after purchasing an additional 878,000 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on IAG shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Scotiabank upped their target price on Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. TD Securities reaffirmed a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Zacks Research raised Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Finally, Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $17.75.

Insider Buying and Selling

In other news, Director David Stewart Smith sold 31,000 shares of the company’s stock in a transaction on 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 transaction, the director owned 20,000 shares of the company’s stock, valued at $657,400. This represents a 60.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.17% of the stock is owned by corporate insiders.

Iamgold Stock Down 2.0%

Shares of NYSE IAG opened at $21.38 on Friday. The company has a market capitalization of $12.61 billion, a P/E ratio of 18.59, a P/E/G ratio of 1.73 and a beta of 1.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.75 and a quick ratio of 1.02. The company has a 50 day simple moving average of $20.32 and a 200-day simple moving average of $15.66. Iamgold Corporation has a 1 year low of $5.35 and a 1 year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. On average, equities research analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current 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.