Bank of New York Mellon Corp raised its stake in IAMGOLD Corp (NYSE:IAG) (TSE:IMG) by 69.7% during the 2nd quarter, Holdings Channel reports. The firm owned 7,959,287 shares of the mining company’s stock after buying an additional 3,269,020 shares during the period. Bank of New York Mellon Corp’s holdings in IAMGOLD were worth $46,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its holdings in shares of IAMGOLD by 0.3% in the first quarter. Van ECK Associates Corp now owns 61,139,240 shares of the mining company’s stock valued at $317,312,000 after purchasing an additional 210,472 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of IAMGOLD by 5.4% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock valued at $64,214,000 after purchasing an additional 565,927 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of IAMGOLD by 33.6% in the first quarter. Royal Bank of Canada now owns 7,142,049 shares of the mining company’s stock valued at $37,067,000 after purchasing an additional 1,797,522 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of IAMGOLD by 0.5% in the first quarter. Franklin Resources Inc. now owns 5,557,000 shares of the mining company’s stock valued at $28,841,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Hexavest Inc. increased its holdings in shares of IAMGOLD by 11.4% in the second quarter. Hexavest Inc. now owns 3,741,281 shares of the mining company’s stock valued at $21,747,000 after purchasing an additional 382,417 shares during the last quarter. Hedge funds and other institutional investors own 52.98% of the company’s stock.

IAG has been the subject of a number of recent research reports. TheStreet raised shares of IAMGOLD from a “c+” rating to a “b” rating in a research report on Friday, May 25th. ValuEngine cut shares of IAMGOLD from a “strong-buy” rating to a “buy” rating in a research report on Thursday, May 17th. Desjardins cut shares of IAMGOLD from a “buy” rating to a “hold” rating in a research report on Thursday, June 7th. Finally, Raymond James boosted their target price on shares of IAMGOLD from $7.25 to $7.50 and gave the company a “market perform” rating in a research report on Wednesday, June 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $7.35.

Shares of IAMGOLD stock opened at $3.92 on Wednesday. The stock has a market capitalization of $1.90 billion, a PE ratio of 65.33, a price-to-earnings-growth ratio of 8.00 and a beta of -0.40. IAMGOLD Corp has a 52-week low of $3.86 and a 52-week high of $7.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 4.72 and a quick ratio of 3.80.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its earnings results on Wednesday, August 8th. The mining company reported $0.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.02. The company had revenue of $277.40 million during the quarter, compared to analysts’ expectations of $265.13 million. IAMGOLD had a net margin of 2.54% and a return on equity of 2.56%. IAMGOLD’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.01 earnings per share. analysts anticipate that IAMGOLD Corp will post 0.17 earnings per share for the current year.

IAMGOLD Profile

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Qu├ębec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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Institutional Ownership by Quarter for IAMGOLD (NYSE:IAG)

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