American Century Companies Inc. Trims Stake in Iamgold Corporation $IAG

American Century Companies Inc. lessened its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,002,917 shares of the mining company’s stock after selling 89,184 shares during the quarter. American Century Companies Inc. owned about 2.09% of Iamgold worth $88,355,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of IAG. Parallel Advisors LLC increased its position in Iamgold by 272.9% during the 2nd quarter. Parallel Advisors LLC now owns 3,584 shares of the mining company’s stock worth $26,000 after purchasing an additional 2,623 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Iamgold during the 1st quarter worth about $35,000. Tableaux LLC acquired a new stake in shares of Iamgold during the 2nd quarter worth about $61,000. Olympiad Research LP purchased a new stake in shares of Iamgold during the second quarter worth about $87,000. Finally, Kingsview Wealth Management LLC acquired a new position in shares of Iamgold in the second quarter valued at approximately $90,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Iamgold Stock Up 4.3%

IAG opened at $14.56 on Wednesday. The firm has a 50 day moving average price of $12.73 and a 200 day moving average price of $9.50. The company has a market cap of $8.37 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 0.39 and a beta of 1.22. Iamgold Corporation has a 1 year low of $4.98 and a 1 year high of $14.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.76 and a current ratio of 1.47.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share for the quarter, beating 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 firm had revenue of $714.61 million for the quarter, compared to analysts’ expectations of $759.45 million. Sell-side analysts expect that Iamgold Corporation will post 0.67 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IAG shares. CIBC raised their target price on shares of Iamgold from $10.40 to $19.00 and gave the stock an “outperformer” rating in a research report on Friday, October 10th. Scotiabank increased their price target on Iamgold from $8.50 to $15.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Raymond James Financial upped their target price on Iamgold from $9.00 to $13.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Finally, Wall Street Zen upgraded Iamgold from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Iamgold presently has an average rating of “Buy” and a consensus target price of $15.25.

About Iamgold

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.