Iamgold (NYSE:IAG) Director Sells $1,018,970.00 in Stock

Iamgold Corporation (NYSE:IAG) (TSE:IMG) Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Iamgold Trading Up 2.7%

IAG stock traded up $0.65 during mid-day trading on Friday, reaching $24.47. 5,526,767 shares of the stock traded hands, compared to its average volume of 9,261,551. The stock’s fifty day moving average is $19.23 and its 200-day moving average is $14.66. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. Iamgold Corporation has a 52-week low of $5.02 and a 52-week high of $24.39. The company has a market cap of $14.42 billion, a P/E ratio of 21.27, a P/E/G ratio of 0.27 and a beta of 1.36.

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

Institutional Investors Weigh In On Iamgold

Several hedge funds and other institutional investors have recently modified their holdings of IAG. Mackenzie Financial Corp boosted its position in Iamgold by 183.5% during the 2nd quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after buying an additional 4,928,077 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Iamgold during the 2nd quarter worth approximately $550,000. Waratah Capital Advisors Ltd. purchased a new stake in Iamgold in the second quarter worth $1,868,000. Allspring Global Investments Holdings LLC increased its stake in shares of Iamgold by 33.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock worth $45,318,000 after acquiring an additional 878,000 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd bought a new position in shares of Iamgold during the second quarter valued at approximately $1,311,000. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IAG. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. TD Securities restated a “buy” rating on shares of Iamgold in a research report on Thursday, February 19th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Finally, Scotiabank boosted their price objective on Iamgold to $25.00 and gave the company a “sector perform” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.75.

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.