NewGen Equity Long Short Fund Buys New Position in Iamgold Corporation $IAG

NewGen Equity Long Short Fund bought a new stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 926,200 shares of the mining company’s stock, valued at approximately $6,818,000. Iamgold makes up about 4.0% of NewGen Equity Long Short Fund’s investment portfolio, making the stock its 10th largest position. NewGen Equity Long Short Fund owned about 0.16% of Iamgold at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of IAG. T. Rowe Price Investment Management Inc. purchased a new position in shares of Iamgold during the first quarter valued at approximately $45,911,000. Bornite Capital Management LP purchased a new stake in Iamgold in the second quarter valued at approximately $34,089,000. Nuveen LLC acquired a new position in Iamgold during the first quarter worth approximately $20,620,000. Anson Funds Management LP raised its stake in Iamgold by 2,100.0% during the first quarter. Anson Funds Management LP now owns 3,300,000 shares of the mining company’s stock worth $20,598,000 after purchasing an additional 3,150,000 shares during the period. Finally, Ninety One UK Ltd boosted its holdings in shares of Iamgold by 127.7% in the 2nd quarter. Ninety One UK Ltd now owns 5,347,405 shares of the mining company’s stock valued at $39,303,000 after purchasing an additional 2,998,882 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Performance

Iamgold stock opened at $13.68 on Wednesday. Iamgold Corporation has a 12-month low of $4.98 and a 12-month high of $14.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The company has a market capitalization of $7.87 billion, a price-to-earnings ratio of 9.84, a price-to-earnings-growth ratio of 0.39 and a beta of 1.22. The firm’s fifty day moving average price is $12.48 and its 200 day moving average price is $9.27.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.09. The company had revenue of $714.61 million during the quarter, compared to the consensus estimate of $759.45 million. Iamgold had a return on equity of 8.54% and a net margin of 40.61%. On average, research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on IAG shares. Scotiabank upped their price objective on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, October 23rd. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. CIBC boosted their target price on Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Finally, Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Three investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $15.25.

Iamgold Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.