Royal Bank of Canada Acquires 862,996 Shares of Iamgold Corporation $IAG

Royal Bank of Canada grew its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 22.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,664,048 shares of the mining company’s stock after acquiring an additional 862,996 shares during the quarter. Royal Bank of Canada’s holdings in Iamgold were worth $87,778,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IAG. Rathbones Group PLC boosted its stake in shares of Iamgold by 1,037,042.8% in the 4th quarter. Rathbones Group PLC now owns 418,901,982 shares of the mining company’s stock worth $6,907,694,000 after buying an additional 418,861,592 shares during the last quarter. Ninety One UK Ltd increased its position in shares of Iamgold by 22.3% during the 4th quarter. Ninety One UK Ltd now owns 5,144,604 shares of the mining company’s stock valued at $84,835,000 after purchasing an additional 938,855 shares during the last quarter. PKO Investment Management Joint Stock Co lifted its stake in shares of Iamgold by 42.1% in the 4th quarter. PKO Investment Management Joint Stock Co now owns 270,000 shares of the mining company’s stock worth $4,464,000 after purchasing an additional 80,000 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Iamgold by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 23,836,156 shares of the mining company’s stock worth $393,328,000 after buying an additional 1,068,465 shares during the last quarter. Finally, Louisbourg Investments Inc. bought a new stake in Iamgold during the fourth quarter valued at approximately $5,096,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on IAG shares. Scotiabank reduced their price target on Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Royal Bank Of Canada cut their price objective on Iamgold from $22.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Iamgold from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 25th. Bank of America decreased their target price on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings downgraded shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.00.

Iamgold Stock Down 2.8%

Shares of NYSE:IAG opened at $14.15 on Friday. The company has a market cap of $8.13 billion, a price-to-earnings ratio of 8.23, a PEG ratio of 0.65 and a beta of 1.30. Iamgold Corporation has a 12 month low of $6.70 and a 12 month high of $24.87. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. The company has a 50-day moving average price of $15.85 and a 200 day moving average price of $18.15.

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

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.