JPMorgan Chase & Co. Has $7.90 Million Position in IAMGOLD Co. (NYSE:IAG)

JPMorgan Chase & Co. raised its holdings in shares of IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 66.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,511,328 shares of the mining company’s stock after purchasing an additional 604,259 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.26% of IAMGOLD worth $7,904,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets grew its holdings in IAMGOLD by 368.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock valued at $7,772,000 after buying an additional 1,196,564 shares in the last quarter. Semanteon Capital Management LP bought a new stake in shares of IAMGOLD in the third quarter valued at about $503,000. Connor Clark & Lunn Investment Management Ltd. grew 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 valued at $24,301,000 after acquiring an additional 2,839,556 shares in the last quarter. Van ECK Associates Corp increased its position in IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after acquiring an additional 4,267,084 shares during the period. Finally, U S Global Investors Inc. raised its stake in IAMGOLD by 241.6% in the 3rd quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after purchasing an additional 604,114 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on IAG shares. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and lifted their price objective for the company from $7.75 to $10.50 in a report on Tuesday, October 22nd. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday. CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Performance

IAG stock opened at $5.58 on Wednesday. The business has a 50 day moving average of $5.38 and a 200-day moving average of $5.01. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. IAMGOLD Co. has a 12-month low of $2.23 and a 12-month high of $6.37. The firm has a market cap of $3.19 billion, a PE ratio of 4.36 and a beta of 1.56.

About IAMGOLD

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.