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

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of IAMGOLD Co. (NYSE:IAG - Free Report) TSE: IMG by 158.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,636,087 shares of the mining company's stock after acquiring an additional 2,839,556 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.81% of IAMGOLD worth $24,301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. PCJ Investment Counsel Ltd. boosted its stake in IAMGOLD by 213.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 942,900 shares of the mining company's stock valued at $4,942,000 after acquiring an additional 641,750 shares in the last quarter. CIBC Asset Management Inc raised its holdings in IAMGOLD by 2.6% during the third quarter. CIBC Asset Management Inc now owns 698,107 shares of the mining company's stock worth $3,661,000 after purchasing an additional 17,608 shares in the last quarter. Aigen Investment Management LP increased its holdings in IAMGOLD by 10.6% in the third quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company's stock valued at $368,000 after buying an additional 6,704 shares in the last quarter. GSA Capital Partners LLP purchased a new position in IAMGOLD in the third quarter valued at about $296,000. Finally, Van ECK Associates Corp increased its holdings in IAMGOLD by 8.8% in 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 buying an additional 4,267,084 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on IAG shares. Canaccord Genuity Group upgraded shares of IAMGOLD from a "hold" rating to a "buy" rating and increased their price target for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised shares of IAMGOLD from a "hold" rating to a "buy" rating in a research note on Tuesday, October 22nd. 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. Scotiabank lifted their price target on shares of IAMGOLD from $4.75 to $5.50 and gave the company a "sector perform" rating in a report on Monday, August 19th. Finally, CIBC boosted their target price on shares of IAMGOLD from $5.40 to $6.40 and gave the company a "neutral" rating in a research note on Tuesday, October 22nd. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $6.68.

IAMGOLD Price Performance

IAMGOLD stock remained flat at $5.57 during midday trading on Thursday. 647,945 shares of the company traded hands, compared to its average volume of 9,014,063. The firm has a 50 day moving average price of $5.33 and a two-hundred day moving average price of $4.59. IAMGOLD Co. has a twelve month low of $2.11 and a twelve month high of $6.37. The stock has a market capitalization of $3.18 billion, a PE ratio of 4.36 and a beta of 1.57. 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.