Iamgold Corporation (NYSE:IAG) Stake Cut by CIBC Asset Management Inc

CIBC Asset Management Inc cut its stake in Iamgold Corporation (NYSE:IAG) (TSE:IMG) by 1.0% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 178,064 shares of the mining company’s stock after selling 1,799 shares during the period. CIBC Asset Management Inc’s holdings in Iamgold Corporation were worth $918,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Great West Life Assurance Co. Can boosted its position in Iamgold Corporation by 0.6% in the second quarter. Great West Life Assurance Co. Can now owns 79,161 shares of the mining company’s stock valued at $407,000 after buying an additional 460 shares during the period. Acadian Asset Management LLC purchased a new position in Iamgold Corporation during the second quarter valued at approximately $137,000. Sprott Inc. purchased a new position in Iamgold Corporation during the second quarter valued at approximately $114,000. Virtu Financial LLC purchased a new position in Iamgold Corporation during the second quarter valued at approximately $275,000. Finally, Hexavest Inc. boosted its position in Iamgold Corporation by 10.2% in the second quarter. Hexavest Inc. now owns 3,453,141 shares of the mining company’s stock valued at $17,818,000 after buying an additional 320,649 shares during the period. Hedge funds and other institutional investors own 57.95% of the company’s stock.

Shares of Iamgold Corporation (IAG) opened at 5.45 on Friday. Iamgold Corporation has a 52 week low of $3.14 and a 52 week high of $5.71. The stock has a 50 day moving average of $5.19 and a 200-day moving average of $4.54. The firm’s market capitalization is $2.53 billion.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.01. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. The firm had revenue of $274.50 million for the quarter, compared to analyst estimates of $267.07 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. The business’s revenue was up 18.1% on a year-over-year basis. Analysts expect that Iamgold Corporation will post $0.04 earnings per share for the current year.

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Several research analysts have commented on the stock. Zacks Investment Research cut shares of Iamgold Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Scotiabank upped their target price on shares of Iamgold Corporation from $5.75 to $6.25 and gave the stock a “sector perform” rating in a research report on Tuesday, August 1st. Royal Bank Of Canada decreased their target price on shares of Iamgold Corporation from $6.50 to $6.00 and set a “sector perform” rating for the company in a research report on Friday, July 28th. Credit Suisse Group set a $6.00 target price on shares of Iamgold Corporation and gave the stock a “hold” rating in a research report on Tuesday, July 18th. Finally, Raymond James Financial, Inc. restated a “market perform” rating and issued a $6.00 target price on shares of Iamgold Corporation in a research report on Thursday, June 15th. Nine analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.88.

About Iamgold Corporation

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

Institutional Ownership by Quarter for Iamgold Corporation (NYSE:IAG)

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