Engineers Gate Manager LP Sells 47,363 Shares of Iamgold Corporation $IAG

Engineers Gate Manager LP decreased its position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 27.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 124,403 shares of the mining company’s stock after selling 47,363 shares during the period. Engineers Gate Manager LP’s holdings in Iamgold were worth $1,970,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IAG. Van ECK Associates Corp boosted its stake in shares of Iamgold by 2.7% in the 2nd quarter. Van ECK Associates Corp now owns 38,110,975 shares of the mining company’s stock worth $603,742,000 after buying an additional 985,939 shares during the last quarter. BlackRock Inc. bought a new position in shares of Iamgold in the second quarter valued at approximately $350,145,000. Donald Smith & CO. Inc. bought a new position in shares of Iamgold in the second quarter valued at approximately $206,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Iamgold during the second quarter valued at approximately $158,877,000. Finally, Bank of America Corp DE increased its position in shares of Iamgold by 4.7% during the first quarter. Bank of America Corp DE now owns 9,589,342 shares of the mining company’s stock valued at $180,471,000 after acquiring an additional 434,188 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Trading Down 0.9%

Shares of IAG stock opened at $19.60 on Wednesday. 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 firm has a market cap of $11.16 billion, a P/E ratio of 9.90, a PEG ratio of 1.05 and a beta of 1.40. The company has a 50 day moving average of $17.66 and a 200-day moving average of $17.94. Iamgold Corporation has a 12-month low of $10.76 and a 12-month high of $24.87.

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

Analyst Upgrades and Downgrades

IAG has been the topic of several research analyst reports. Jefferies Financial Group began coverage on Iamgold in a research report on Thursday, August 20th. They issued a “buy” rating and a $24.00 price objective on the stock. Bank of America decreased their target price on 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 lowered their target price on Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Scotiabank boosted their price target on shares of Iamgold from $22.00 to $23.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Iamgold in a research report on Friday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

Iamgold Profile

Iamgold Corporation is a mid-tier gold mining company headquartered in Toronto, Canada. The company explores for, develops, and operates gold mines, producing gold doré and concentrate for sale to refiners and other customers.

Iamgold’s principal operations include the Essakane mine in Burkina Faso, the Côté Gold mine in Ontario, Canada, and the Westwood complex in Quebec, Canada. Côté Gold is operated through a joint venture with Sumitomo Metal Mining, while Westwood is being advanced as an underground mining project and Essakane is an open-pit operation.

Founded in 1990, Iamgold has developed a portfolio of assets in North and West Africa and has historically pursued exploration and development opportunities in additional gold-producing regions.