Ameriprise Financial Inc. Acquires New Stake in Iamgold Corporation (IAG)

Ameriprise Financial Inc. acquired a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 116,309 shares of the mining company’s stock, valued at approximately $600,000.

Other hedge funds have also added to or reduced their stakes in the company. Sprott Inc. bought a new position in Iamgold Corporation during the second quarter valued at $114,000. Acadian Asset Management LLC bought a new position in Iamgold Corporation during the second quarter valued at $137,000. Alliancebernstein L.P. lifted its position in Iamgold Corporation by 171.9% during the second quarter. Alliancebernstein L.P. now owns 32,900 shares of the mining company’s stock valued at $170,000 after purchasing an additional 20,800 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Iamgold Corporation by 19.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,990 shares of the mining company’s stock valued at $221,000 after purchasing an additional 6,894 shares during the last quarter. Finally, Timber Hill LLC lifted its position in Iamgold Corporation by 81.2% during the second quarter. Timber Hill LLC now owns 43,063 shares of the mining company’s stock valued at $222,000 after purchasing an additional 19,291 shares during the last quarter. Institutional investors and hedge funds own 56.31% of the company’s stock.

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Several research firms have commented on IAG. CIBC upgraded shares of Iamgold Corporation from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $6.93 to $7.00 in a research report on Wednesday, September 6th. Raymond James Financial, Inc. increased their price objective on shares of Iamgold Corporation from $6.00 to $7.25 and gave the company a “market perform” rating in a research report on Thursday, September 7th. Scotiabank increased their price objective on shares of Iamgold Corporation from $6.25 to $7.00 and gave the company a “sector perform” rating in a research report on Friday, September 15th. Canaccord Genuity lowered shares of Iamgold Corporation from a “buy” rating to a “hold” rating and set a $8.07 price objective for the company. in a research report on Friday, September 29th. Finally, Royal Bank Of Canada set a $7.00 price objective on shares of Iamgold Corporation and gave the company a “hold” rating in a research report on Tuesday, August 29th. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Iamgold Corporation has a consensus rating of “Hold” and an average price target of $7.10.

Shares of Iamgold Corporation (NYSE IAG) opened at $5.91 on Friday. Iamgold Corporation has a 12 month low of $3.16 and a 12 month high of $7.25. The firm has a market cap of $2,747.56, a price-to-earnings ratio of 59.10, a PEG ratio of 29.19 and a beta of -0.53. The company has a quick ratio of 4.19, a current ratio of 4.78 and a debt-to-equity ratio of 0.14.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its earnings results on Tuesday, November 7th. The mining company reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.05. Iamgold Corporation had a net margin of 48.66% and a return on equity of 1.81%. The business had revenue of $268.80 million for the quarter, compared to the consensus estimate of $268.62 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The business’s revenue for the quarter was down 4.8% on a year-over-year basis. sell-side analysts expect that Iamgold Corporation will post 0.07 EPS for the current year.

About Iamgold Corporation

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

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Institutional Ownership by Quarter for Iamgold Corporation (NYSE:IAG)

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