Iamgold Corporation $IAG Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC decreased its holdings in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 16.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,921,200 shares of the mining company’s stock after selling 369,500 shares during the period. Gabelli Funds LLC owned approximately 0.33% of Iamgold worth $36,157,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Banque Transatlantique SA acquired a new stake in Iamgold in the 2nd quarter worth approximately $26,000. Pin Oak Investment Advisors Inc. acquired a new position in Iamgold during the 4th quarter valued at approximately $30,000. Global Retirement Partners LLC acquired a new position in Iamgold during the 4th quarter valued at approximately $33,000. FNY Investment Advisers LLC purchased a new position in shares of Iamgold in the fourth quarter worth $38,000. Finally, LOM Asset Management Ltd purchased a new position in shares of Iamgold in the fourth quarter worth $49,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America lowered their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. 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. Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 30th. Scotiabank lowered 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. Finally, Weiss Ratings downgraded Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Iamgold has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Iamgold Price Performance

Shares of NYSE:IAG opened at $14.64 on Friday. Iamgold Corporation has a twelve month low of $6.69 and a twelve 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 market cap of $8.41 billion, a PE ratio of 8.51, a price-to-earnings-growth ratio of 0.65 and a beta of 1.30. The company’s 50 day moving average is $16.08 and its 200 day moving average is $18.24.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Tuesday, May 5th. The mining company reported $0.66 EPS for the quarter, beating the consensus estimate of $0.52 by $0.14. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $955.17 million. Iamgold had a net margin of 29.49% and a return on equity of 26.65%. On average, sell-side analysts forecast that Iamgold Corporation will post 1.98 EPS for the current year.

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.