Connor Clark & Lunn Investment Management Ltd. Acquires 2,533,573 Shares of Iamgold Corporation $IAG

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 297.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,385,710 shares of the mining company’s stock after purchasing an additional 2,533,573 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Iamgold were worth $43,732,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets lifted its position in Iamgold by 113.5% during the third quarter. BNP Paribas Financial Markets now owns 91,491 shares of the mining company’s stock valued at $1,183,000 after purchasing an additional 48,630 shares in the last quarter. PCJ Investment Counsel Ltd. increased its position in Iamgold by 71.8% in the third quarter. PCJ Investment Counsel Ltd. now owns 747,070 shares of the mining company’s stock worth $9,650,000 after buying an additional 312,140 shares in the last quarter. Mackenzie Financial Corp raised its stake in shares of Iamgold by 46.9% in the third quarter. Mackenzie Financial Corp now owns 11,181,693 shares of the mining company’s stock worth $144,430,000 after buying an additional 3,567,399 shares during the period. Van ECK Associates Corp raised its stake in shares of Iamgold by 35.7% in the third quarter. Van ECK Associates Corp now owns 51,992,067 shares of the mining company’s stock worth $672,253,000 after buying an additional 13,691,148 shares during the period. Finally, BW Gestao de Investimentos Ltda. purchased a new position in shares of Iamgold during the 3rd quarter valued at about $5,172,000. 47.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on IAG. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Scotiabank upped their price target on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 21st. Finally, TD Securities restated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $17.75.

Iamgold Price Performance

IAG stock opened at $21.38 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75. The company’s fifty day moving average price is $20.32 and its 200-day moving average price is $15.66. Iamgold Corporation has a one year low of $5.35 and a one year high of $24.87. The company has a market capitalization of $12.61 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 1.73 and a beta of 1.33.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its earnings results on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.15. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. On average, equities analysts anticipate that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at $657,400. This trade represents a 60.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.17% of the stock is currently owned by insiders.

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.