Geode Capital Management LLC Grows Stock Holdings in Iamgold Corporation $IAG

Geode Capital Management LLC increased its stake in Iamgold Corporation (NYSE:IAG - Free Report) TSE: IMG by 29.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,748,145 shares of the mining company's stock after buying an additional 392,907 shares during the period. Geode Capital Management LLC owned 0.30% of Iamgold worth $12,849,000 as of its most recent filing with the Securities & Exchange Commission.

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A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IAG. U S Global Investors Inc. grew its stake in shares of Iamgold by 150.0% in the second quarter. U S Global Investors Inc. now owns 500,000 shares of the mining company's stock worth $3,675,000 after acquiring an additional 300,000 shares during the last quarter. Mudita Advisors LLP raised its position in shares of Iamgold by 41.1% in the 1st quarter. Mudita Advisors LLP now owns 2,081,400 shares of the mining company's stock worth $13,002,000 after purchasing an additional 606,795 shares during the last quarter. Harvest Portfolios Group Inc. boosted its stake in Iamgold by 42.6% in the 2nd quarter. Harvest Portfolios Group Inc. now owns 130,294 shares of the mining company's stock worth $960,000 after purchasing an additional 38,945 shares in the last quarter. Bornite Capital Management LP purchased a new stake in Iamgold during the 2nd quarter valued at about $34,089,000. Finally, Amundi increased its stake in Iamgold by 55.7% during the 1st quarter. Amundi now owns 5,343,801 shares of the mining company's stock valued at $34,895,000 after purchasing an additional 1,911,840 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IAG. Scotiabank upped their target price on shares of Iamgold from $8.50 to $15.00 and gave the stock a "sector perform" rating in a research note on Thursday, October 23rd. Wall Street Zen raised Iamgold from a "hold" rating to a "buy" rating in a research report on Saturday, November 8th. Stifel Canada upgraded Iamgold from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 20th. Royal Bank Of Canada raised Iamgold from a "sector perform" rating to an "outperform" rating and lifted their target price for the stock from $9.00 to $14.00 in a report on Wednesday, September 10th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Iamgold in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $15.25.

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Get Our Latest Research Report on Iamgold

Iamgold Stock Down 2.6%

Shares of Iamgold stock opened at $14.98 on Wednesday. Iamgold Corporation has a twelve month low of $4.98 and a twelve month high of $15.80. The company has a quick ratio of 0.76, a current ratio of 1.47 and a debt-to-equity ratio of 0.31. The company's 50 day moving average is $13.11 and its 200 day moving average is $9.82. The company has a market cap of $8.62 billion, a price-to-earnings ratio of 10.78, a price-to-earnings-growth ratio of 0.39 and a beta of 1.38.

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Iamgold (NYSE:IAG - Get Free Report) TSE: IMG last released its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.09. Iamgold had a return on equity of 8.54% and a net margin of 40.61%.The firm had revenue of $714.61 million for the quarter, compared to the consensus estimate of $759.45 million. Research analysts anticipate that Iamgold Corporation will post 0.67 EPS 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.

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