The Manufacturers Life Insurance Company Increases Holdings in IAMGOLD Co. (NYSE:IAG)

The Manufacturers Life Insurance Company boosted its holdings in shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 21.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 453,726 shares of the mining company’s stock after acquiring an additional 79,955 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of IAMGOLD worth $1,702,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. TIAA Trust National Association acquired a new position in IAMGOLD during the 2nd quarter worth $38,000. WINTON GROUP Ltd purchased a new stake in shares of IAMGOLD in the 2nd quarter valued at about $52,000. Banque Cantonale Vaudoise purchased a new stake in shares of IAMGOLD in the 2nd quarter valued at about $56,000. Cetera Advisors LLC acquired a new position in IAMGOLD in the 1st quarter valued at about $50,000. Finally, Linscomb Wealth Inc. acquired a new position in IAMGOLD in the 1st quarter valued at about $67,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IAG. StockNews.com upgraded IAMGOLD from a “sell” rating to a “hold” rating in a research report on Saturday, August 17th. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday. Scotiabank increased their price target on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. Finally, CIBC increased their price target on shares of IAMGOLD from $4.90 to $5.40 and gave the stock a “neutral” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, IAMGOLD presently has a consensus rating of “Hold” and a consensus price target of $4.73.

IAMGOLD Stock Performance

IAG opened at $4.85 on Friday. IAMGOLD Co. has a twelve month low of $2.11 and a twelve month high of $5.60. The company has a current ratio of 1.34, a quick ratio of 0.90 and a debt-to-equity ratio of 0.30. The stock has a market cap of $2.76 billion, a PE ratio of 17.32 and a beta of 1.59. The business’s 50 day moving average is $4.94 and its 200-day moving average is $4.22.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.08. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. The firm had revenue of $385.30 million for the quarter. During the same quarter in the previous year, the firm posted ($0.01) earnings per share. On average, analysts predict that IAMGOLD Co. will post 0.45 earnings per share for the current year.

About IAMGOLD

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.