First Trust Advisors LP Raises Holdings in Iamgold Corporation $IAG

First Trust Advisors LP boosted its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 82.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 582,271 shares of the mining company’s stock after acquiring an additional 262,264 shares during the quarter. First Trust Advisors LP’s holdings in Iamgold were worth $10,952,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IAG. Royal Bank of Canada raised its holdings in Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after buying an additional 84,939 shares during the period. Goldman Sachs Group Inc. boosted its stake in Iamgold by 6.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after buying an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Iamgold by 67.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock worth $6,283,000 after buying an additional 404,645 shares during the period. JPMorgan Chase & Co. increased its position in shares of Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock valued at $1,678,000 after acquiring an additional 89,197 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Iamgold by 16.9% during the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock valued at $3,899,000 after acquiring an additional 77,016 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Iamgold Stock Down 2.8%

IAG opened at $14.15 on Friday. Iamgold Corporation has a 52 week low of $6.70 and a 52 week high of $24.87. The business has a 50 day moving average price of $15.85 and a two-hundred day moving average price of $18.15. The company has a quick ratio of 1.21, a current ratio of 1.89 and a debt-to-equity ratio of 0.12. The company has a market cap of $8.13 billion, a PE ratio of 8.23, a P/E/G ratio of 0.65 and a beta of 1.30.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.14. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. As a group, research analysts anticipate that Iamgold Corporation will post 1.98 EPS for the current year.

Wall Street Analyst Weigh In

IAG has been the topic of several recent analyst reports. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. Scotiabank dropped their target price on shares of Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a report on Tuesday, July 14th. Royal Bank Of Canada cut their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen cut Iamgold from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Finally, Bank of America lowered their price target on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. One analyst has 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 MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

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.