Envestnet Asset Management Inc. Sells 11,707 Shares of Iamgold Corporation $IAG

Envestnet Asset Management Inc. trimmed its position in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 28.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,244 shares of the mining company’s stock after selling 11,707 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Iamgold were worth $215,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Allianz Asset Management GmbH grew its holdings in Iamgold by 4,473.7% during the 2nd quarter. Allianz Asset Management GmbH now owns 508,872 shares of the mining company’s stock valued at $3,740,000 after buying an additional 497,746 shares in the last quarter. Atria Wealth Solutions Inc. purchased a new position in shares of Iamgold in the second quarter valued at $92,000. MGO One Seven LLC bought a new stake in Iamgold in the second quarter worth $219,000. Allspring Global Investments Holdings LLC raised its stake in Iamgold by 30.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,630,500 shares of the mining company’s stock valued at $19,387,000 after purchasing an additional 613,500 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its position in Iamgold by 10.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,901 shares of the mining company’s stock valued at $271,000 after purchasing an additional 3,562 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Iamgold from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Stifel Canada upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Finally, Scotiabank increased their price target on Iamgold from $8.50 to $15.00 and gave the company a “sector perform” rating in a report on Thursday, October 23rd. Three analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $15.25.

Iamgold Stock Up 2.4%

Shares of NYSE:IAG opened at $15.67 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.47 and a quick ratio of 0.76. The business has a 50 day simple moving average of $12.98 and a two-hundred day simple moving average of $9.64. Iamgold Corporation has a 1 year low of $4.98 and a 1 year high of $15.60. The firm has a market capitalization of $9.02 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 0.39 and a beta of 1.22.

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

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.