Waratah Capital Advisors Ltd. Makes New Investment in Iamgold Corporation $IAG

Waratah Capital Advisors Ltd. acquired a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 254,095 shares of the mining company’s stock, valued at approximately $1,868,000.

Several other hedge funds and other institutional investors have also made changes to their positions in IAG. U S Global Investors Inc. lifted its position in shares of Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company’s stock worth $3,675,000 after buying an additional 300,000 shares in the last quarter. Mudita Advisors LLP increased its stake in Iamgold by 41.1% in the 1st quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company’s stock worth $13,002,000 after acquiring an additional 606,795 shares during the last quarter. Harvest Portfolios Group Inc. raised its holdings in shares of Iamgold by 42.6% during the 2nd quarter. Harvest Portfolios Group Inc. now owns 130,294 shares of the mining company’s stock worth $960,000 after acquiring an additional 38,945 shares in the last quarter. Cerity Partners LLC boosted its position in shares of Iamgold by 28.0% during the 1st quarter. Cerity Partners LLC now owns 75,250 shares of the mining company’s stock valued at $470,000 after acquiring an additional 16,475 shares during the last quarter. Finally, Bornite Capital Management LP purchased a new position in shares of Iamgold in the second quarter valued at $34,089,000. Institutional investors own 47.08% of the company’s stock.

Iamgold Price Performance

Shares of NYSE IAG opened at $13.74 on Friday. The firm’s 50 day simple moving average is $12.34 and its 200-day simple moving average is $9.16. Iamgold Corporation has a 12 month low of $4.93 and a 12 month high of $14.68. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of 9.89, a PEG ratio of 0.39 and a beta of 1.22. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.09. Iamgold had a net margin of 40.61% and a return on equity of 8.54%. The business had revenue of $714.61 million during the quarter, compared to the consensus estimate of $759.45 million. Analysts expect that Iamgold Corporation will post 0.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Stifel Canada upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Scotiabank lifted their price objective on shares of Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. CIBC boosted their price objective on shares of Iamgold from $10.40 to $19.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. Raymond James Financial raised their target price on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Iamgold currently has a consensus rating of “Buy” and an average price target of $15.25.

Iamgold Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.