OppenheimerFunds Inc. Takes $937,000 Position in Iamgold Corp (IAG)

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OppenheimerFunds Inc. purchased a new position in shares of Iamgold Corp (NYSE:IAG) (TSE:IMG) in the 1st quarter, HoldingsChannel reports. The fund purchased 270,000 shares of the mining company’s stock, valued at approximately $937,000.

Several other institutional investors have also recently added to or reduced their stakes in IAG. JPMorgan Chase & Co. grew its position in shares of Iamgold by 723.7% during the third quarter. JPMorgan Chase & Co. now owns 13,045,048 shares of the mining company’s stock worth $48,006,000 after acquiring an additional 11,461,355 shares during the last quarter. Ruffer LLP bought a new position in Iamgold in the 4th quarter valued at about $40,087,000. Norges Bank bought a new position in Iamgold in the 4th quarter valued at about $19,454,000. Tocqueville Asset Management L.P. grew its position in Iamgold by 42.8% in the 1st quarter. Tocqueville Asset Management L.P. now owns 11,820,300 shares of the mining company’s stock valued at $41,016,000 after buying an additional 3,540,900 shares in the last quarter. Finally, Millennium Management LLC grew its position in Iamgold by 503.9% in the 4th quarter. Millennium Management LLC now owns 4,127,930 shares of the mining company’s stock valued at $15,191,000 after buying an additional 3,444,376 shares in the last quarter. Institutional investors and hedge funds own 59.04% of the company’s stock.

IAG stock traded down $0.07 during mid-day trading on Friday, reaching $2.53. 274,133 shares of the stock traded hands, compared to its average volume of 5,047,097. The company has a current ratio of 4.18, a quick ratio of 3.11 and a debt-to-equity ratio of 0.14. Iamgold Corp has a 52-week low of $2.33 and a 52-week high of $6.33. The firm has a market capitalization of $1.12 billion, a PE ratio of 42.00, a P/E/G ratio of 19.12 and a beta of -0.41.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Wednesday, February 20th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). Iamgold had a negative net margin of 10.67% and a negative return on equity of 0.43%. The firm had revenue of $274.30 million for the quarter, compared to analysts’ expectations of $273.84 million. During the same period in the prior year, the company posted ($0.03) earnings per share. Iamgold’s quarterly revenue was down 5.8% compared to the same quarter last year. On average, equities research analysts anticipate that Iamgold Corp will post 0.04 earnings per share for the current year.

IAG has been the subject of a number of recent analyst reports. BMO Capital Markets lowered shares of Iamgold from an “outperform” rating to a “market perform” rating and set a $2.96 target price for the company. in a research report on Friday, January 18th. Macquarie raised shares of Iamgold from a “neutral” rating to an “outperform” rating and upped their price target for the company from $2.75 to $2.83 in a report on Tuesday, January 22nd. Desjardins raised shares of Iamgold from a “hold” rating to a “buy” rating in a report on Monday, January 28th. National Bank Financial reissued a “buy” rating on shares of Iamgold in a report on Friday, January 18th. Finally, Royal Bank of Canada cut their price target on shares of Iamgold from $6.00 to $5.00 and set a “hold” rating for the company in a report on Wednesday, January 23rd. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Iamgold presently has a consensus rating of “Hold” and a consensus price target of $4.47.

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Iamgold Profile

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

See Also: Insider Trading

Want to see what other hedge funds are holding IAG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Iamgold Corp (NYSE:IAG) (TSE:IMG).

Institutional Ownership by Quarter for Iamgold (NYSE:IAG)

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