Groupe la Francaise Trims Stake in Iamgold Corporation $IAG

Groupe la Francaise lessened its holdings in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 45.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 300,000 shares of the mining company’s stock after selling 250,000 shares during the period. Groupe la Francaise owned approximately 0.05% of Iamgold worth $2,199,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of IAG. Mackenzie Financial Corp lifted its stake in Iamgold by 183.5% during the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock worth $56,118,000 after purchasing an additional 4,928,077 shares in the last quarter. U S Global Investors Inc. grew its stake 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 valued at $3,675,000 after buying an additional 300,000 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Iamgold in the 2nd quarter valued at $550,000. Mudita Advisors LLP lifted its stake in Iamgold by 41.1% during 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 in the last quarter. Finally, Waratah Capital Advisors Ltd. purchased a new position in Iamgold during the 2nd quarter valued at about $1,868,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on IAG. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research note on Wednesday, October 8th. Stifel Canada upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Raymond James Financial increased their target price on shares of Iamgold from $9.00 to $13.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. CIBC raised their price target 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. Finally, Zacks Research lowered Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Two 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Iamgold Stock Up 0.4%

Shares of Iamgold stock opened at $15.05 on Thursday. Iamgold Corporation has a 52-week low of $4.98 and a 52-week high of $15.80. The company has a 50 day moving average of $13.18 and a 200 day moving average of $9.85. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $8.66 billion, a P/E ratio of 25.08, a P/E/G ratio of 0.44 and a beta of 1.39.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings data 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. The business had revenue of $714.61 million for the quarter, compared to analyst estimates of $759.45 million. Iamgold had a net margin of 15.39% and a return on equity of 10.39%. As a group, research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

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.