Allspring Global Investments Holdings LLC Raises Stock Holdings in Iamgold Corporation $IAG

Allspring Global Investments Holdings LLC raised its holdings 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 & Exchange Commission. The institutional investor owned 3,917,300 shares of the mining company’s stock after purchasing an additional 408,800 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Iamgold were worth $64,645,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Tsfg LLC purchased a new position in shares of Iamgold during the 3rd quarter valued at approximately $26,000. Banque Transatlantique SA acquired a new stake in shares of Iamgold during the second quarter worth approximately $26,000. Aventura Private Wealth LLC bought a new stake in shares of Iamgold in the fourth quarter worth $58,000. Capula Management Ltd acquired a new stake in Iamgold in the second quarter valued at $105,000. Finally, Arizona State Retirement System acquired a new stake in Iamgold in the third quarter valued at $132,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Iamgold Stock Performance

Shares of IAG opened at $19.69 on Thursday. The stock 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. The business’s fifty 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 current ratio of 1.75 and a quick ratio of 1.02. Iamgold Corporation has a 12-month low of $5.35 and a 12-month high of $24.87.

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

Insider Activity at Iamgold

In other news, Director David Stewart Smith sold 31,000 shares of Iamgold stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $32.87, for a total value of $1,018,970.00. Following the completion of the transaction, the director directly owned 20,000 shares of the company’s stock, valued at approximately $657,400. The trade was a 60.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on IAG. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Iamgold in a research note on Wednesday, February 4th. TD Securities restated a “buy” rating on shares of Iamgold in a research note on Thursday, February 19th. Zacks Research cut shares of Iamgold from a “strong-buy” rating to a “hold” rating in a research report on Monday. Wall Street Zen upgraded Iamgold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Iamgold in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.75.

Iamgold Company 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.