Bank of Nova Scotia Buys Shares of 19,472 IAMGOLD Co. (NYSE:IAG)

Bank of Nova Scotia purchased a new stake in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,472 shares of the mining company’s stock, valued at approximately $101,000.

A number of other hedge funds have also recently made changes to their positions in IAG. Donald Smith & CO. Inc. increased its stake in shares of IAMGOLD by 0.7% in the fourth quarter. Donald Smith & CO. Inc. now owns 31,233,874 shares of the mining company’s stock valued at $161,167,000 after buying an additional 216,751 shares during the period. RCF Management L.L.C. acquired a new stake in shares of IAMGOLD during the fourth quarter worth $128,174,000. Vanguard Group Inc. lifted its holdings in IAMGOLD by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 21,232,871 shares of the mining company’s stock valued at $109,741,000 after buying an additional 321,458 shares during the period. American Century Companies Inc. lifted its stake in shares of IAMGOLD by 25.9% in the 4th quarter. American Century Companies Inc. now owns 10,162,314 shares of the mining company’s stock valued at $52,499,000 after purchasing an additional 2,092,803 shares during the period. Finally, Invesco Ltd. boosted its position in shares of IAMGOLD by 41.6% during the 4th quarter. Invesco Ltd. now owns 7,139,935 shares of the mining company’s stock valued at $36,842,000 after purchasing an additional 2,098,215 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IAG has been the topic of a number of research analyst reports. CIBC restated an “outperform” rating on shares of IAMGOLD in a report on Thursday, March 20th. Scotiabank increased their target price on shares of IAMGOLD from $6.75 to $7.50 and gave the stock a “sector perform” rating in a research note on Monday. Raymond James reaffirmed a “market perform” rating and issued a $8.00 price target on shares of IAMGOLD in a research note on Friday, April 4th. National Bank Financial raised IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Finally, StockNews.com lowered IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.57.

IAMGOLD Price Performance

IAG opened at $7.45 on Wednesday. IAMGOLD Co. has a 1 year low of $3.44 and a 1 year high of $7.46. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 5.13 and a beta of 1.52. The firm’s fifty day moving average price is $6.10 and its two-hundred day moving average price is $5.69.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.05). IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. The firm had revenue of $469.90 million during the quarter, compared to analysts’ expectations of $498.68 million. As a group, analysts anticipate that IAMGOLD Co. will post 0.67 earnings per share for the current fiscal year.

IAMGOLD Company 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.