Contrarius Investment Management Ltd Trims Position in IAMGOLD Corp (IAG)

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Contrarius Investment Management Ltd lowered its holdings in IAMGOLD Corp (NYSE:IAG) (TSE:IMG) by 36.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,812,837 shares of the mining company’s stock after selling 1,057,487 shares during the quarter. Contrarius Investment Management Ltd’s holdings in IAMGOLD were worth $10,533,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IAG. Bank of New York Mellon Corp grew its position in IAMGOLD by 69.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,959,287 shares of the mining company’s stock valued at $46,243,000 after purchasing an additional 3,269,020 shares during the period. Royal Bank of Canada boosted its holdings in IAMGOLD by 33.6% during the 1st quarter. Royal Bank of Canada now owns 7,142,049 shares of the mining company’s stock worth $37,067,000 after acquiring an additional 1,797,522 shares during the last quarter. Millennium Management LLC boosted its holdings in IAMGOLD by 60.1% during the 1st quarter. Millennium Management LLC now owns 3,575,449 shares of the mining company’s stock worth $18,557,000 after acquiring an additional 1,342,122 shares during the last quarter. Toronto Dominion Bank boosted its holdings in IAMGOLD by 116.5% during the 1st quarter. Toronto Dominion Bank now owns 1,227,223 shares of the mining company’s stock worth $6,356,000 after acquiring an additional 660,427 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in IAMGOLD by 5.4% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,027,426 shares of the mining company’s stock worth $64,214,000 after acquiring an additional 565,927 shares during the last quarter. 55.35% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have issued reports on IAG shares. Raymond James lifted their price objective on shares of IAMGOLD from $7.25 to $7.50 and gave the stock a “market perform” rating in a report on Wednesday, June 6th. Desjardins downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, June 7th. ValuEngine raised shares of IAMGOLD from a “buy” rating to a “strong-buy” rating in a report on Friday, May 4th. Finally, TheStreet downgraded shares of IAMGOLD from a “b” rating to a “c-” rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. IAMGOLD has an average rating of “Hold” and a consensus target price of $7.35.

Shares of NYSE:IAG opened at $4.13 on Friday. The company has a current ratio of 4.72, a quick ratio of 3.80 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $2.30 billion, a P/E ratio of 68.83, a P/E/G ratio of 9.67 and a beta of -0.41. IAMGOLD Corp has a fifty-two week low of $4.01 and a fifty-two week high of $7.25.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings results on Wednesday, August 8th. The mining company reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $0.02. The company had revenue of $277.40 million for the quarter, compared to the consensus estimate of $265.13 million. IAMGOLD had a net margin of 2.54% and a return on equity of 2.56%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS. analysts expect that IAMGOLD Corp will post 0.17 EPS for the current year.

About IAMGOLD

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. It also explores for copper and silver. The company owns interests in the Rosebel gold mine located in north eastern Suriname, South America; the Essakane gold mine in north-eastern Burkina Faso, West Africa; the Westwood gold mine in southwestern Québec, Canada; and the Sadiola Gold Mine located in southwest Mali, West Africa.

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Institutional Ownership by Quarter for IAMGOLD (NYSE:IAG)

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