U S Global Investors Inc. Acquires 396,581 Shares of Iamgold Corporation $IAG

U S Global Investors Inc. grew its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 69.0% in the 1st quarter, Holdings Channel.com reports. The fund owned 971,581 shares of the mining company’s stock after purchasing an additional 396,581 shares during the period. Iamgold makes up about 2.1% of U S Global Investors Inc.’s holdings, making the stock its 13th biggest holding. U S Global Investors Inc.’s holdings in Iamgold were worth $18,285,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of IAG. Banque Transatlantique SA acquired a new stake in Iamgold in the second quarter valued at $26,000. Pin Oak Investment Advisors Inc. acquired a new position in Iamgold during the 4th quarter worth about $30,000. Global Retirement Partners LLC bought a new stake in shares of Iamgold in the 4th quarter valued at about $33,000. FNY Investment Advisers LLC bought a new stake in shares of Iamgold in the 4th quarter valued at about $38,000. Finally, LOM Asset Management Ltd bought a new stake in shares of Iamgold in the 4th quarter valued at about $49,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IAG. Bank of America lowered their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Weiss Ratings cut Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Finally, Royal Bank Of Canada decreased their target price on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.60.

Iamgold Trading Down 0.9%

IAG stock traded down $0.14 during midday trading on Friday, hitting $15.33. The stock had a trading volume of 2,460,918 shares, compared to its average volume of 5,079,893. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The firm has a market cap of $8.87 billion, a P/E ratio of 8.91, a price-to-earnings-growth ratio of 0.64 and a beta of 1.30. The business has a fifty day moving average price of $16.77 and a two-hundred day moving average price of $18.40. Iamgold Corporation has a 1-year low of $6.69 and a 1-year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share 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. On average, sell-side analysts predict that Iamgold Corporation will post 2.12 earnings per share for the current fiscal year.

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.