Navellier & Associates Inc. Makes New $1.60 Million Investment in Iamgold Corporation $IAG

Navellier & Associates Inc. purchased a new position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 97,007 shares of the mining company’s stock, valued at approximately $1,600,000.

Other large investors have also bought and sold shares of the company. Tsfg LLC purchased a new position in Iamgold in the 3rd quarter worth approximately $26,000. FNY Investment Advisers LLC purchased a new position in Iamgold in the 4th quarter worth approximately $38,000. LOM Asset Management Ltd purchased a new position in Iamgold in the 4th quarter worth approximately $49,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Iamgold in the 4th quarter worth approximately $57,000. Finally, SBI Securities Co. Ltd. grew its position in shares of Iamgold by 366.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 3,476 shares of the mining company’s stock worth $57,000 after buying an additional 2,731 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Iamgold Trading Down 0.1%

NYSE IAG opened at $16.29 on Wednesday. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. Iamgold Corporation has a twelve month low of $6.06 and a twelve month high of $24.87. The firm has a market capitalization of $9.45 billion, a PE ratio of 14.17, a P/E/G ratio of 0.84 and a beta of 1.26. The stock’s 50 day moving average is $19.46 and its 200 day moving average is $17.44.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.14. Iamgold had a return on equity of 19.26% and a net margin of 23.29%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $950.63 million. Research analysts forecast that Iamgold Corporation will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of Iamgold stock in a transaction that occurred on 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 sale, the director directly owned 20,000 shares in the company, 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 corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IAG shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. TD Securities reiterated a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Scotiabank lifted their price objective on Iamgold to $25.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the stock. Based on 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.