Allspring Global Investments Holdings LLC Boosts Holdings in Iamgold Corporation $IAG

Allspring Global Investments Holdings LLC grew its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 11.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,917,300 shares of the mining company’s stock after acquiring an additional 408,800 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.66% of Iamgold worth $64,645,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of IAG. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Iamgold by 28.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 587,920 shares of the mining company’s stock worth $7,602,000 after buying an additional 130,400 shares during the last quarter. Waratah Capital Advisors Ltd. boosted its holdings in Iamgold by 731.8% in the third quarter. Waratah Capital Advisors Ltd. now owns 2,113,558 shares of the mining company’s stock valued at $27,328,000 after acquiring an additional 1,859,463 shares during the last quarter. Trek Financial LLC acquired a new position in Iamgold in the second quarter valued at $7,857,000. CI Investments Inc. purchased a new stake in Iamgold during the third quarter valued at about $96,747,000. Finally, Gamco Investors INC. ET AL grew its position in Iamgold by 381.0% during the third quarter. Gamco Investors INC. ET AL now owns 393,280 shares of the mining company’s stock valued at $5,084,000 after acquiring an additional 311,510 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Stock Performance

Iamgold stock opened at $19.69 on Thursday. The firm has a market capitalization of $11.57 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.49 and a beta of 1.46. Iamgold Corporation has a one year low of $5.35 and a one year high of $24.87. The stock’s 50 day moving average price is $20.46 and its 200 day moving average price is $16.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.02 and a current ratio of 1.75.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Tuesday, February 17th. The mining company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.15. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.08 billion. Iamgold had a net margin of 23.29% and a return on equity of 19.26%. As a group, sell-side analysts expect that Iamgold Corporation will post 0.67 EPS for the current fiscal year.

Insider Buying and Selling at Iamgold

In related news, Director David Stewart Smith sold 31,000 shares of the firm’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $32.87, for a total transaction of $1,018,970.00. Following the completion of the sale, the director directly owned 20,000 shares of the company’s stock, valued at approximately $657,400. This trade represents a 60.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.17% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on IAG. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 21st. Zacks Research downgraded shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Scotiabank boosted their price objective on shares of Iamgold to $25.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Iamgold in a research report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.75.

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.