Sprott Inc. Has $94.56 Million Stake in Iamgold Corporation $IAG

Sprott Inc. lifted its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,313,344 shares of the mining company’s stock after purchasing an additional 91,615 shares during the period. Iamgold accounts for 3.3% of Sprott Inc.’s portfolio, making the stock its 9th largest holding. Sprott Inc. owned 1.27% of Iamgold worth $94,557,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the company. Mackenzie Financial Corp grew its holdings in Iamgold by 183.5% during the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after purchasing an additional 4,928,077 shares during the period. Bornite Capital Management LP acquired a new position in shares of Iamgold during the 2nd quarter worth approximately $34,089,000. Candriam S.C.A. bought a new stake in Iamgold in the 2nd quarter valued at $18,354,000. Arrowstreet Capital Limited Partnership raised its stake in Iamgold by 12.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 20,917,319 shares of the mining company’s stock valued at $154,046,000 after acquiring an additional 2,302,527 shares during the period. Finally, Waratah Capital Advisors Ltd. lifted its holdings in Iamgold by 731.8% during the 3rd quarter. Waratah Capital Advisors Ltd. now owns 2,113,558 shares of the mining company’s stock valued at $27,328,000 after purchasing an additional 1,859,463 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. TD Securities reissued a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Scotiabank lifted their target price on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Two research 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’s stock. According to MarketBeat.com, Iamgold currently has a consensus rating of “Buy” and a consensus price target of $17.75.

Iamgold Stock Performance

Shares of NYSE:IAG opened at $24.20 on Tuesday. Iamgold Corporation has a 12-month low of $5.02 and a 12-month high of $24.87. The company’s 50 day moving average price is $19.52 and its two-hundred day moving average price is $14.99. The firm has a market cap of $14.27 billion, a PE ratio of 21.05, a PEG ratio of 1.95 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.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. The business had revenue of $1.08 billion during 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%. Equities research analysts predict that Iamgold Corporation will post 0.67 earnings per share for the current year.

Insider Buying and Selling at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $657,400. This represents a 60.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company’s stock.

Iamgold 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.