Iamgold (NYSE:IAG) Director Sells $1,018,970.00 in Stock

Iamgold Corporation (NYSE:IAG) (TSE:IMG) Director David Stewart Smith sold 31,000 shares of Iamgold stock in a transaction on Friday, February 27th. The stock was sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the transaction, the director directly owned 20,000 shares of the company’s stock, valued at $657,400. The trade was a 60.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Iamgold Price Performance

Iamgold stock opened at $24.61 on Monday. Iamgold Corporation has a 12-month low of $5.02 and a 12-month high of $24.66. The company has a current ratio of 1.75, a quick ratio of 1.02 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $19.39 and a 200-day moving average price of $14.88. The firm has a market capitalization of $14.51 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 1.95 and a beta of 1.32.

Iamgold (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.15. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.08 billion. As a group, equities research analysts forecast that Iamgold Corporation will post 0.67 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp raised its holdings in Iamgold by 183.5% in 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. Dynamic Technology Lab Private Ltd bought a new position in shares of Iamgold during the 2nd quarter worth approximately $550,000. Waratah Capital Advisors Ltd. purchased a new stake in Iamgold during the second quarter valued at approximately $1,868,000. Allspring Global Investments Holdings LLC boosted its stake in Iamgold by 33.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock valued at $45,318,000 after acquiring an additional 878,000 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd acquired a new stake in Iamgold in the second quarter valued at approximately $1,311,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IAG has been the topic of several research analyst reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. Zacks Research lowered shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Scotiabank raised their price target on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Wall Street Zen upgraded shares of Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Iamgold presently has an average rating of “Moderate Buy” and an average target price of $17.75.

About Iamgold

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.