The Manufacturers Life Insurance Company Acquires New Shares in Iamgold Corporation $IAG

The Manufacturers Life Insurance Company bought a new stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 3,392,512 shares of the mining company’s stock, valued at approximately $53,738,000.

A number of other institutional investors and hedge funds have also modified their holdings of IAG. Royal Bank of Canada increased its holdings in shares of Iamgold by 14.0% in the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock worth $4,321,000 after purchasing an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Iamgold by 6.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after purchasing an additional 144,160 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Iamgold by 67.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,005,292 shares of the mining company’s stock valued at $6,283,000 after buying an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Iamgold by 64.1% during the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock valued at $1,678,000 after buying an additional 89,197 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in Iamgold by 902.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633,686 shares of the mining company’s stock worth $4,650,000 after buying an additional 570,489 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Iamgold Stock Performance

Shares of NYSE IAG opened at $21.53 on Thursday. Iamgold Corporation has a 1 year low of $8.86 and a 1 year high of $24.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.71 and a quick ratio of 1.05. The stock has a market cap of $12.37 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 1.17 and a beta of 1.32. The firm has a fifty day moving average price of $16.51 and a 200-day moving average price of $18.07.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 EPS for the quarter, meeting analysts’ consensus estimates of $0.42. The business had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Iamgold had a return on equity of 28.97% and a net margin of 31.40%. Equities analysts anticipate that Iamgold Corporation will post 1.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on IAG shares. Weiss Ratings lowered Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Scotiabank raised their price target on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a report on Wednesday, August 12th. 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 note on Thursday, July 9th. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, August 22nd. Finally, Royal Bank Of Canada lowered their price objective on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Iamgold has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Iamgold Profile

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.