Cibc World Market Inc. Trims Stock Holdings in Iamgold Corporation $IAG

Cibc World Market Inc. cut its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 19.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,003,076 shares of the mining company’s stock after selling 484,173 shares during the period. Cibc World Market Inc. owned approximately 0.35% of Iamgold worth $25,873,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of Iamgold by 14.0% during 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 during the period. Goldman Sachs Group Inc. lifted its stake in Iamgold by 6.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock worth $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 lifted its stake in 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 worth $6,283,000 after purchasing an additional 404,645 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Iamgold by 10.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 36,901 shares of the mining company’s stock worth $271,000 after buying an additional 3,562 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Iamgold by 30.4% in 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 buying an additional 613,500 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IAG has been the topic of several research reports. Wall Street Zen raised Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 20th. Stifel Nicolaus upgraded shares of Iamgold from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, Scotiabank upped their target price on shares of Iamgold to $23.00 and gave the stock a “sector perform” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Iamgold currently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

Iamgold Stock Performance

Shares of Iamgold stock opened at $22.49 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.68 and a debt-to-equity ratio of 0.27. Iamgold Corporation has a 52 week low of $5.02 and a 52 week high of $22.50. The firm’s 50 day moving average is $17.81 and its two-hundred day moving average is $13.57. The firm has a market capitalization of $13.29 billion, a P/E ratio of 37.48, a P/E/G ratio of 0.27 and a beta of 1.36.

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.