Van ECK Associates Corp Has $257.24 Million Position in IAMGOLD Co. (NYSE:IAG)

Van ECK Associates Corp cut its holdings in IAMGOLD Co. (NYSE:IAG) (TSE:IMG) by 5.8% during the fourth quarter, HoldingsChannel reports. The firm owned 49,851,926 shares of the mining company’s stock after selling 3,042,764 shares during the period. Van ECK Associates Corp owned about 0.09% of IAMGOLD worth $257,239,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Two Sigma Advisers LP raised its holdings in IAMGOLD by 58.8% in the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after acquiring an additional 3,732,315 shares in the last quarter. FMR LLC increased its position in shares of IAMGOLD by 107.9% during the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. Bank of Montreal Can lifted its holdings in IAMGOLD by 130.6% during the 3rd quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock valued at $28,385,000 after purchasing an additional 3,049,252 shares during the last quarter. Cibc World Market Inc. boosted its position in IAMGOLD by 54.0% in the fourth quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock valued at $26,452,000 after buying an additional 1,795,869 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in IAMGOLD by 158.1% during 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 buying an additional 2,839,556 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

IAMGOLD Stock Performance

Shares of NYSE:IAG opened at $6.60 on Thursday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. IAMGOLD Co. has a 1-year low of $2.32 and a 1-year high of $6.69. The stock has a market capitalization of $3.77 billion, a P/E ratio of 5.16 and a beta of 1.56. The business has a 50-day moving average price of $5.65 and a two-hundred day moving average price of $5.30.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IAG shares. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and boosted their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. 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. Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. StockNews.com upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Finally, Raymond James upgraded shares of IAMGOLD from a “strong sell” rating to a “hold” rating in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, IAMGOLD has an average rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD 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.