Eastern Bank Acquires New Position in IAMGOLD Co. (NYSE:IAG)

Eastern Bank acquired a new stake in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) in the third quarter, Holdings Channel.com reports. The fund acquired 5,700 shares of the mining company’s stock, valued at approximately $30,000.

A number of other hedge funds have also recently modified their holdings of the company. ORG Partners LLC purchased a new position in IAMGOLD during the third quarter worth about $29,000. TIAA Trust National Association purchased a new position in IAMGOLD during the second quarter worth about $38,000. Cetera Advisors LLC purchased a new position in IAMGOLD during the first quarter worth about $50,000. WINTON GROUP Ltd purchased a new position in IAMGOLD during the second quarter worth about $52,000. Finally, Banque Cantonale Vaudoise purchased a new position in IAMGOLD during the second quarter worth about $56,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

IAG has been the subject of several research analyst reports. StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Scotiabank raised their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research note on Monday, August 19th. CIBC raised their price objective on shares of IAMGOLD from $5.40 to $6.40 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.07.

IAMGOLD Stock Down 3.7 %

Shares of NYSE:IAG opened at $5.77 on Friday. The firm’s 50 day moving average price is $5.20 and its 200 day moving average price is $4.38. The stock has a market cap of $3.30 billion, a price-to-earnings ratio of 23.08 and a beta of 1.59. IAMGOLD Co. has a fifty-two week low of $2.11 and a fifty-two week high of $6.37. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08. The firm had revenue of $385.30 million for the quarter. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. During the same period last year, the business earned ($0.01) EPS. As a group, equities research analysts predict that IAMGOLD Co. will post 0.51 earnings per share for the current fiscal year.

IAMGOLD Company 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.