351,333 Shares in Iamgold Corporation $IAG Acquired by Bastion Asset Management Inc.

Bastion Asset Management Inc. acquired a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 351,333 shares of the mining company’s stock, valued at approximately $6,339,000. Iamgold accounts for 2.0% of Bastion Asset Management Inc.’s holdings, making the stock its 18th biggest holding.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of Iamgold by 14.0% during the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after buying an additional 84,939 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Iamgold by 6.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after acquiring an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Iamgold by 67.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock valued at $6,283,000 after purchasing an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock valued at $1,678,000 after purchasing an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Iamgold by 16.9% during the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock valued at $3,899,000 after purchasing an additional 77,016 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Trading Down 5.4%

Shares of NYSE:IAG opened at $14.18 on Friday. 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 stock has a market capitalization of $8.14 billion, a PE ratio of 8.24, a P/E/G ratio of 0.64 and a beta of 1.30. Iamgold Corporation has a 1 year low of $6.69 and a 1 year high of $24.87. The firm has a fifty day moving average price of $16.55 and a 200 day moving average price of $18.33.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its 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 26.65% and a net margin of 29.49%.The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $955.17 million. Analysts expect that Iamgold Corporation will post 2.07 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on IAG. Scotiabank dropped their target price on Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a research report on Tuesday. Bank of America reduced their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Royal Bank Of Canada lowered their price target on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Zacks Research downgraded Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Finally, Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.