Cibc World Market Inc. Trims Holdings in IAMGOLD Co. (NYSE:IAG)

Cibc World Market Inc. trimmed its position in IAMGOLD Co. (NYSE:IAGGet Rating) (TSE:IMG) by 9.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 301,628 shares of the mining company’s stock after selling 29,886 shares during the period. Cibc World Market Inc.’s holdings in IAMGOLD were worth $485,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citigroup Inc. purchased a new position in shares of IAMGOLD during the 1st quarter worth about $31,000. First Trust Advisors LP purchased a new position in shares of IAMGOLD during the 1st quarter worth about $40,000. Private Advisor Group LLC purchased a new position in shares of IAMGOLD during the 1st quarter worth about $41,000. Aigen Investment Management LP purchased a new position in shares of IAMGOLD during the 1st quarter worth about $51,000. Finally, Bank of Nova Scotia purchased a new position in shares of IAMGOLD during the 1st quarter worth about $68,000. 50.93% of the stock is currently owned by hedge funds and other institutional investors.

IAMGOLD Stock Up 7.6 %

Shares of NYSE:IAG opened at $1.98 on Wednesday. The company has a quick ratio of 1.31, a current ratio of 2.00 and a debt-to-equity ratio of 0.38. IAMGOLD Co. has a 52-week low of $0.92 and a 52-week high of $3.77. The company has a 50 day moving average of $1.36 and a two-hundred day moving average of $1.57. The company has a market capitalization of $948.42 million, a price-to-earnings ratio of -3.25 and a beta of 1.43.

Analyst Upgrades and Downgrades

IAG has been the topic of several recent analyst reports. BMO Capital Markets cut their price objective on shares of IAMGOLD from $1.50 to $1.25 and set a “market perform” rating on the stock in a report on Wednesday, October 19th. National Bank Financial increased their price objective on shares of IAMGOLD from C$2.25 to C$2.50 in a report on Thursday, November 10th. Bank of America raised shares of IAMGOLD from an “underperform” rating to a “buy” rating and dropped their target price for the stock from $2.10 to $1.65 in a research report on Wednesday, October 19th. Finally, StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a research report on Friday, November 11th. Six equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $2.55.

About IAMGOLD

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IAMGOLD Corporation, through its subsidiaries, explores, develops, and operates gold mining properties in North America, South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine situated in Burkina Faso and Boto gold project located in Senegal, West Africa; and Westwood mine, covers an area of 1,925 hectare and located in Quebec and the Côté gold project, which covers an area of 586 square kilometer located in Ontario, Canada.

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Institutional Ownership by Quarter for IAMGOLD (NYSE:IAG)

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