Iamgold Corporation $IAG Shares Purchased by SummitTX Capital L.P.

SummitTX Capital L.P. boosted its holdings in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 497.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,724 shares of the mining company’s stock after buying an additional 58,882 shares during the quarter. SummitTX Capital L.P.’s holdings in Iamgold were worth $1,331,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lazard Asset Management LLC boosted its position in shares of Iamgold by 13.4% during the 1st quarter. Lazard Asset Management LLC now owns 30,027 shares of the mining company’s stock worth $565,000 after acquiring an additional 3,543 shares in the last quarter. Masters Capital Management LLC acquired a new stake in shares of Iamgold during the 1st quarter worth about $5,646,000. Weiss Asset Management LP lifted its stake in Iamgold by 5.3% during the first quarter. Weiss Asset Management LP now owns 109,020 shares of the mining company’s stock worth $2,052,000 after purchasing an additional 5,460 shares during the last quarter. Absolute Gestao de Investimentos Ltda. purchased a new stake in Iamgold during the first quarter worth approximately $302,000. Finally, Cumberland Partners Ltd boosted its holdings in Iamgold by 22.3% in the first quarter. Cumberland Partners Ltd now owns 33,500 shares of the mining company’s stock valued at $628,000 after purchasing an additional 6,100 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on IAG shares. Scotiabank cut their price objective on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 14th. Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Wall Street Zen downgraded shares of Iamgold from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 25th. Royal Bank Of Canada cut their price target on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Bank of America dropped their price objective on Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Price Performance

IAG stock opened at $13.91 on Thursday. 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 company has a market capitalization of $7.99 billion, a P/E ratio of 8.09, a PEG ratio of 0.63 and a beta of 1.30. The business has a 50 day simple moving average of $15.95 and a 200-day simple moving average of $18.19. Iamgold Corporation has a twelve month low of $6.69 and a twelve month high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. As a group, equities analysts anticipate that Iamgold Corporation will post 1.98 EPS for the current 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.