Van ECK Associates Corp Acquires 4,267,084 Shares of IAMGOLD Co. (NYSE:IAG)

Van ECK Associates Corp boosted its holdings in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 8.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,894,690 shares of the mining company’s stock after buying an additional 4,267,084 shares during the period. Van ECK Associates Corp owned approximately 9.29% of IAMGOLD worth $276,639,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in shares of IAMGOLD during the 3rd quarter worth approximately $29,000. Eastern Bank acquired a new stake in shares of IAMGOLD during the 3rd quarter worth approximately $30,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of IAMGOLD by 3.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after purchasing an additional 8,972 shares in the last quarter. Continuum Advisory LLC grew its holdings in shares of IAMGOLD by 92.9% during the 2nd quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock worth $77,000 after purchasing an additional 9,850 shares in the last quarter. Finally, TIAA Trust National Association acquired a new stake in shares of IAMGOLD during the 2nd quarter worth approximately $38,000. 47.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on IAG shares. CIBC lifted their price objective on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Scotiabank boosted their price target on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research note on Monday, August 19th. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and boosted their price target for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.68.

IAMGOLD Price Performance

IAMGOLD stock traded down $0.14 on Friday, reaching $5.40. The company’s stock had a trading volume of 6,677,423 shares, compared to its average volume of 10,052,197. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34. The company has a market cap of $3.08 billion, a price-to-earnings ratio of 21.60 and a beta of 1.57. The business’s fifty day moving average price is $5.25 and its 200 day moving average price is $4.45. IAMGOLD Co. has a twelve month low of $2.11 and a twelve month high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The company had revenue of $385.30 million for the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same period in the prior year, the firm posted ($0.01) EPS. Equities analysts expect that IAMGOLD Co. will post 0.53 earnings per share for the current fiscal year.

IAMGOLD Profile

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.