Connor Clark & Lunn Investment Management Ltd. Purchases 2,839,556 Shares of IAMGOLD Co. (NYSE:IAG)

Connor Clark & Lunn Investment Management Ltd. lifted its position in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 158.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,636,087 shares of the mining company’s stock after buying an additional 2,839,556 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in IAMGOLD were worth $24,301,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. ORG Partners LLC purchased a new position in IAMGOLD in the 3rd quarter worth approximately $29,000. Eastern Bank bought a new stake in shares of IAMGOLD in the 3rd quarter worth $30,000. TIAA Trust National Association purchased a new position in shares of IAMGOLD in the second quarter worth $38,000. International Assets Investment Management LLC bought a new position in shares of IAMGOLD during the third quarter valued at $700,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of IAMGOLD during the second quarter valued at $52,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

IAG has been the subject of a number of recent analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and boosted their price objective for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. StockNews.com raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday, November 11th. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Scotiabank increased their price target on shares of IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research report on Monday, August 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Up 0.6 %

IAG stock opened at $5.58 on Thursday. 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 Co. has a 1-year low of $2.11 and a 1-year high of $6.37. The business has a 50 day simple moving average of $5.32 and a two-hundred day simple moving average of $4.59. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 4.36 and a beta of 1.57.

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.