PenderFund Capital Management Ltd. Invests $471,000 in Iamgold Corporation $IAG

PenderFund Capital Management Ltd. acquired a new position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 29,700 shares of the mining company’s stock, valued at approximately $471,000.

Other large investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Iamgold by 14.0% during the 1st quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after acquiring an additional 84,939 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Iamgold by 6.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $15,127,000 after acquiring an additional 144,160 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Iamgold by 67.4% in 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 worth $6,283,000 after purchasing an additional 404,645 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Iamgold by 64.1% in the second quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after purchasing an additional 89,197 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Iamgold by 16.9% during the second quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock valued at $3,899,000 after purchasing an additional 77,016 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IAG shares. Bank of America cut their price objective on shares of Iamgold from $22.50 to $21.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, August 22nd. Weiss Ratings lowered shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. Scotiabank raised their target price on shares of Iamgold from $22.00 to $23.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Finally, Jefferies Financial Group began coverage on shares of Iamgold in a research report on Thursday, August 20th. They set a “buy” rating and a $24.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Iamgold Stock Performance

Shares of NYSE IAG opened at $21.57 on Friday. The stock has a fifty day moving average price of $16.60 and a two-hundred day moving average price of $18.09. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.71. The firm has a market cap of $12.39 billion, a P/E ratio of 10.90, a PEG ratio of 1.14 and a beta of 1.32. Iamgold Corporation has a 1 year low of $8.86 and a 1 year high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Thursday, August 6th. The mining company reported $0.42 earnings per share (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 company had revenue of $845.97 million for the quarter, compared to analysts’ expectations of $882.92 million. Research analysts forecast that Iamgold Corporation will post 1.92 EPS for the current fiscal year.

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.