Allianz Asset Management GmbH Lowers Holdings in Iamgold Corporation $IAG

Allianz Asset Management GmbH lessened its position in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 30.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 355,268 shares of the mining company’s stock after selling 153,604 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.06% of Iamgold worth $4,591,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mackenzie Financial Corp boosted its holdings in shares of Iamgold by 183.5% in the second quarter. Mackenzie Financial Corp now owns 7,614,294 shares of the mining company’s stock valued at $56,118,000 after acquiring an additional 4,928,077 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Iamgold during the second quarter worth about $550,000. Allspring Global Investments Holdings LLC increased its stake in Iamgold by 33.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,508,500 shares of the mining company’s stock valued at $45,318,000 after purchasing an additional 878,000 shares in the last quarter. Waratah Capital Advisors Ltd. acquired a new position in shares of Iamgold during the 2nd quarter worth $1,868,000. Finally, Catalyst Funds Management Pty Ltd acquired a new position in Iamgold during the second quarter worth about $1,311,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Iamgold Trading Up 1.6%

Shares of NYSE IAG opened at $21.63 on Wednesday. The stock has a market cap of $12.79 billion, a price-to-earnings ratio of 36.05, a PEG ratio of 0.27 and a beta of 1.36. Iamgold Corporation has a 52 week low of $5.02 and a 52 week high of $22.43. The business has a 50 day simple moving average of $17.66 and a 200 day simple moving average of $13.51. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.95 and a current ratio of 1.68.

Analysts Set New Price Targets

IAG has been the topic of several analyst reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. Wall Street Zen raised shares of Iamgold from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Scotiabank lifted their price objective on shares of Iamgold to $23.00 and gave the company a “sector perform” rating in a research note on Monday, January 26th. Stifel Nicolaus upgraded Iamgold from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $17.25.

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.