Freedom Investment Management Inc. Decreases Stock Position in IAMGOLD Co. (NYSE:IAG)

Freedom Investment Management Inc. reduced its position in shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 30.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,348 shares of the mining company’s stock after selling 46,076 shares during the period. Freedom Investment Management Inc.’s holdings in IAMGOLD were worth $546,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in IAG. Semanteon Capital Management LP purchased a new stake in IAMGOLD during the 3rd quarter worth $503,000. Van ECK Associates Corp grew its stake in shares of IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after acquiring an additional 4,267,084 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of IAMGOLD by 158.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after acquiring an additional 2,839,556 shares in the last quarter. U S Global Investors Inc. boosted its holdings in IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after purchasing an additional 604,114 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in IAMGOLD by 1,973.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,012,000 shares of the mining company’s stock valued at $5,311,000 after purchasing an additional 963,200 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on IAG. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. StockNews.com raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Scotiabank lifted their price target on IAMGOLD from $4.75 to $5.50 and gave the stock 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 and increased their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. Finally, Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, IAMGOLD presently has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Price Performance

Shares of IAG opened at $5.50 on Friday. The company has a market cap of $3.14 billion, a P/E ratio of 4.30 and a beta of 1.57. The stock has a fifty day moving average price of $5.34 and a 200 day moving average price of $4.67. IAMGOLD Co. has a 12 month low of $2.11 and a 12 month high of $6.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61.

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.