Iamgold Corporation $IAG Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in shares of Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 2.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,018,000 shares of the mining company’s stock after buying an additional 100,700 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Iamgold were worth $75,574,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in shares of Iamgold by 14.0% in the first quarter. Royal Bank of Canada now owns 691,322 shares of the mining company’s stock valued at $4,321,000 after purchasing an additional 84,939 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Iamgold by 6.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,420,263 shares of the mining company’s stock valued at $15,127,000 after purchasing an additional 144,160 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Iamgold by 67.4% in the 1st 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 valued at $6,283,000 after purchasing an additional 404,645 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Iamgold by 64.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 228,257 shares of the mining company’s stock worth $1,678,000 after purchasing an additional 89,197 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Iamgold by 16.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 532,137 shares of the mining company’s stock worth $3,899,000 after purchasing an additional 77,016 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Iamgold Price Performance

Shares of IAG opened at $14.12 on Friday. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 8.21, a PEG ratio of 0.61 and a beta of 1.30. The firm’s fifty day simple moving average is $16.46 and its 200-day simple moving average is $18.30. The company has a current ratio of 1.89, a quick ratio of 1.21 and a debt-to-equity ratio of 0.12. Iamgold Corporation has a twelve month low of $6.69 and a twelve month high of $24.87.

Iamgold (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Tuesday, May 5th. The mining company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.14. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $955.17 million. Iamgold had a return on equity of 26.65% and a net margin of 29.49%. Equities analysts forecast that Iamgold Corporation will post 2.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IAG. Scotiabank dropped their price objective on Iamgold from $25.00 to $22.00 and set a “sector perform” rating for the company in a research note on Tuesday. Zacks Research cut Iamgold from a “strong-buy” rating to a “hold” rating in a report on Monday, March 30th. Bank of America dropped their target price on Iamgold from $22.50 to $21.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Royal Bank Of Canada cut their price target on shares of Iamgold from $22.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings cut shares of Iamgold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.00.

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.