Van Eck Associates Corp. recently announced the acquisition of new stake in Iamgold Corp. (NYSE:IAG). The institutional investor has increased its shareholding in the Basic Materials company by 3.96% to 46.75 million shares with purchase of 1.78 million shares. This fresh investment now brings its stake to 9.72% valued currently at $118.74 million. In addition, Donald Smith & Co., Inc. raised its holdings by 43482.0 to 31.42 million shares. And The Vanguard Group, Inc. has lifted its position by 2.23% or 0.27 million shares – to 12.59 million shares.
With over 5.32 million Iamgold Corp. (IAG) shares trading Tuesday and a closing price of $2.38 on the day, the dollar volume was approximately $12.66 million. The shares have shown a negative half year performance of -20.93% and its price on 12/05/23 lost nearly -5.56%. Currently, there are 481.30M common shares owned by the public and among those 480.10M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for IAG have a consensus price objective of $3.12. The analysts have set the share’s price value over the next 12 months at a high of $3.97 and a low of $2.57. The average price target is 23.72% above its recent price level and an upside to the estimated low will see the stock gain 7.39% over that period. But an upside of 40.05% will see the stock hit the forecast high price target while median target price for the stock is $3.00.
The top 3 mutual fund holders in Iamgold Corp. are VanEck Gold Miners ETF, VanEck Junior Gold Miners ETF, and Vanguard Selected Value Fund. VanEck Gold Miners ETF owns 26.0 million shares of the company’s stock, all valued at over $66.04 million. The company bought an additional 0.11 million shares recently to bring their total holdings to about 5.41% of the shares outstanding. VanEck Junior Gold Miners ETF bought 23094.0 shares to see its total holdings expand to 17.38 million shares valued at over $44.13 million and representing 3.61% of the shares outstanding. Vanguard Selected Value Fund sold -1.0 million shares to bring its total holdings to over 13.78 million shares at a value of $35.0 million. Vanguard Selected Value Fund now owns shares totaling to 2.86% of the shares outstanding.
Shares of Iamgold Corp. (NYSE: IAG) opened at $2.48, down -$0.04 from a prior closing price of $2.52. However, the script later moved the day high at 2.5000, down -5.56%. The company’s stock has a 5-day price change of -7.03% and 3.48% over the past three months. IAG shares are trading -7.75% year to date (YTD), with the 12-month market performance up to 7.69% higher. It has a 12-month low price of $1.82 and touched a high of $3.34 over the same period. IAG has an average intraday trading volume of 4.44 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.22%, 1.58%, and -7.20% respectively.
Institutional ownership of Iamgold Corp. (NYSE: IAG) shares accounts for 56.60% of the company’s 481.30M shares outstanding. Mutual fund holders own 17.22%, while other institutional holders and individual stakeholders account for 39.60% and — respectively.
It has a market capitalization of $1.15B and a beta (3y monthly) value of 1.63. The earnings-per-share (ttm) stands at -$0.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.25% over the week and 4.25% over the month.
Analysts forecast that Iamgold Corp. (IAG) will achieve an EPS of $0 for the current quarter, $0.06 for the next quarter and $0.2 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.05 while analysts give the company a high EPS estimate of $0.05. Comparatively, EPS for the current quarter was -$0.02 a year ago. Earnings per share for the fiscal year are expected to increase by 125.99%, and 849.21% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Iamgold Corp. (IAG) as a “Moderate Buy” at a consensus score of 2.75. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 6 of the 12 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the IAG, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Sector Perform rating for the stock in a research note on September 12, 2023, with the firm’s price target at $1.75-$2.75.
