Trade Report: Today, Point View Wealth Management Inc. Reduces Stake in Iamgold Corp. (IAG)

Today, Point View Wealth Management Inc. Reduces Stake in Iamgold Corp. (IAG)

Point View Wealth Management Inc. decreased its position in Iamgold Corp. (NYSE:IAG) (TSE:IMG) by 15.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,205 shares of the mining company’s stock after selling 9,608 shares during the period. Point View Wealth Management Inc.’s holdings in Iamgold Corp. were worth $211,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in IAG. Van ECK Associates Corp raised its position in Iamgold Corp. by 12.5% in the second quarter. Van ECK Associates Corp now owns 55,808,621 shares of the mining company’s stock worth $231,048,000 after buying an additional 6,186,956 shares during the last quarter. Bank of New York Mellon Corp raised its position in Iamgold Corp. by 7.4% in the third quarter. Bank of New York Mellon Corp now owns 13,243,479 shares of the mining company’s stock worth $53,636,000 after buying an additional 910,461 shares during the last quarter. Donald Smith & CO. Inc. raised its position in Iamgold Corp. by 892.7% in the second quarter. Donald Smith & CO. Inc. now owns 8,348,447 shares of the mining company’s stock worth $34,563,000 after buying an additional 7,507,447 shares during the last quarter. Vanguard Group Inc. raised its position in Iamgold Corp. by 16.8% in the second quarter. Vanguard Group Inc. now owns 6,853,007 shares of the mining company’s stock worth $28,371,000 after buying an additional 986,824 shares during the last quarter. Finally, TD Asset Management Inc. raised its position in Iamgold Corp. by 90.0% in the second quarter. TD Asset Management Inc. now owns 3,445,585 shares of the mining company’s stock worth $14,194,000 after buying an additional 1,632,400 shares during the last quarter. 48.24% of the stock is owned by institutional investors and hedge funds.

Shares of Iamgold Corp. (NYSE:IAG) traded up 1.39% during midday trading on Friday, reaching $3.64. 4,104,001 shares of the company traded hands. Iamgold Corp. has a 12 month low of $1.15 and a 12 month high of $5.87. The company’s 50 day moving average is $3.80 and its 200-day moving average is $4.13. The stock’s market capitalization is $1.64 billion.

Iamgold Corp. (NYSE:IAG) last posted its earnings results on Monday, November 7th. The mining company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.03. Iamgold Corp. had a negative net margin of 63.53% and a negative return on equity of 2.05%. The firm earned $282.40 million during the quarter, compared to the consensus estimate of $258.10 million. During the same period last year, the firm posted ($0.22) EPS. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. Equities research analysts forecast that Iamgold Corp. will post $0.03 earnings per share for the current fiscal year.

IAG has been the topic of a number of recent research reports. National Bank Financial upgraded shares of Iamgold Corp. from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, October 19th. Credit Suisse Group AG initiated coverage on shares of Iamgold Corp. in a report on Thursday, August 18th. They issued a “neutral” rating and a $5.25 target price on the stock. TD Securities upgraded shares of Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, November 8th. Zacks Investment Research upgraded shares of Iamgold Corp. from a “sell” rating to a “hold” rating in a report on Wednesday, November 9th. Finally, Canaccord Genuity upgraded shares of Iamgold Corp. from a “hold” rating to a “buy” rating in a report on Wednesday, October 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Iamgold Corp. presently has an average rating of “Hold” and an average price target of $3.98.

About Iamgold Corp.

IAMGOLD Corporation (IAMGOLD) is engaged in the exploration, development and production of mineral resource properties across the world. Through its holdings, IAMGOLD has interests in various operations and exploration properties, as well as various royalty interests on mineral resource properties. All gold produced by IAMGOLD is in the form of dore bars, which is sold to gold refineries in North America and Europe.

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