Iamgold Corporation $IAG Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp grew its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 35.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,992,067 shares of the mining company’s stock after buying an additional 13,691,148 shares during the quarter. Van ECK Associates Corp owned about 9.04% of Iamgold worth $672,253,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Tsfg LLC acquired a new position in shares of Iamgold during the third quarter valued at approximately $26,000. Banque Transatlantique SA bought a new position in Iamgold during the 2nd quarter valued at $26,000. Tableaux LLC acquired a new position in shares of Iamgold during the 2nd quarter valued at $61,000. Olympiad Research LP acquired a new position in shares of Iamgold during the 2nd quarter valued at $87,000. Finally, Stevens Capital Management LP bought a new stake in shares of Iamgold in the 2nd quarter worth $90,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on IAG shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Scotiabank upped their price target on shares of Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Zacks Research upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 27th. Wall Street Zen raised shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Iamgold presently has a consensus rating of “Buy” and an average target price of $17.75.

Iamgold Trading Up 0.4%

Shares of NYSE IAG opened at $21.85 on Tuesday. Iamgold Corporation has a 12 month low of $5.02 and a 12 month high of $24.87. The company has a market cap of $12.89 billion, a price-to-earnings ratio of 19.00, a P/E/G ratio of 1.73 and a beta of 1.32. The company has a quick ratio of 1.02, a current ratio of 1.75 and a debt-to-equity ratio of 0.15. The business has a fifty day simple moving average of $20.01 and a 200-day simple moving average of $15.48.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a return on equity of 19.26% and a net margin of 23.29%. Sell-side analysts predict that Iamgold Corporation will post 0.67 EPS for the current year.

Insiders Place Their Bets

In other news, Director David Stewart Smith sold 31,000 shares of the company’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total value of $1,018,970.00. Following the transaction, the director owned 20,000 shares in the company, valued at $657,400. This represents a 60.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.17% of the stock is currently owned by company insiders.

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.