Ninepoint Partners LP Makes New Investment in Iamgold Corporation $IAG

Ninepoint Partners LP purchased a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 405,892 shares of the mining company’s stock, valued at approximately $6,429,000.

A number of other large investors have also recently made changes to their positions in the stock. Mariner LLC lifted its position in Iamgold by 0.6% during the fourth quarter. Mariner LLC now owns 110,033 shares of the mining company’s stock valued at $1,814,000 after purchasing an additional 615 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its stake in Iamgold by 1.9% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 37,000 shares of the mining company’s stock valued at $612,000 after buying an additional 700 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Iamgold by 73.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,712 shares of the mining company’s stock valued at $51,000 after buying an additional 1,150 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Iamgold by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 220,452 shares of the mining company’s stock worth $2,849,000 after buying an additional 1,303 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. boosted its stake in shares of Iamgold by 0.4% in the 4th quarter. Northwest & Ethical Investments L.P. now owns 343,605 shares of the mining company’s stock worth $5,716,000 after buying an additional 1,424 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

IAG has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on Iamgold in a research report on Thursday. They set a “buy” rating and a $24.00 price objective for the company. Bank of America reduced their price target on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Royal Bank Of Canada dropped their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Wall Street Zen lowered shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Finally, Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Iamgold Stock Up 4.0%

NYSE IAG opened at $20.50 on Friday. Iamgold Corporation has a 52 week low of $8.14 and a 52 week high of $24.87. The company has a quick ratio of 1.05, a current ratio of 1.71 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $11.77 billion, a P/E ratio of 10.35, a price-to-earnings-growth ratio of 1.05 and a beta of 1.32. The stock’s 50-day moving average price is $16.18 and its 200-day moving average price is $17.99.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data on Thursday, August 6th. The mining company reported $0.42 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.42. Iamgold had a return on equity of 28.97% and a net margin of 31.40%.The company had revenue of $845.97 million during the quarter, compared to the consensus estimate of $882.92 million. On average, equities research analysts predict that Iamgold Corporation will post 1.91 earnings per share for the current year.

About Iamgold

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.