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 2.08% to 47.72 million shares with purchase of 0.97 million shares. This fresh investment now brings its stake to 9.91% valued currently at $120.74 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 11.09 million Iamgold Corp. (IAG) shares trading Friday and a closing price of $2.61 on the day, the dollar volume was approximately $28.96 million. The shares have shown a negative half year performance of -9.69% and its price on 01/12/24 gained nearly 10.59%. Currently, there are 481.30M common shares owned by the public and among those 480.09M 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 $4.38. The analysts have set the share’s price value over the next 12 months at a high of $5.50 and a low of $3.50. The average price target is 20.43% above its recent price level and an upside to the estimated low will see the stock gain 25.43% over that period. But an upside of 52.55% will see the stock hit the forecast high price target while median target price for the stock is $4.33.
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 25.36 million shares of the company’s stock, all valued at over $64.16 million. The company sold -0.24 million shares recently to bring their total holdings to about 5.27% of the shares outstanding. VanEck Junior Gold Miners ETF sold 15534.0 shares to see its total holdings shrink to 17.94 million shares valued at over $45.4 million and representing 3.73% of the shares outstanding. Vanguard Selected Value Fund now owns shares totaling to 2.86% of the shares outstanding.
Shares of Iamgold Corp. (NYSE: IAG) opened at $2.45, up $0.09 from a prior closing price of $2.36. However, the script later moved the day high at 2.7000, up 10.59%. The company’s stock has a 5-day price change of 10.59% and 20.83% over the past three months. It has a 12-month low price of $1.99 and touched a high of $3.34 over the same period. IAG has an average intraday trading volume of 5.65 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 4.80%, 7.05%, and 1.25% respectively.
Institutional ownership of Iamgold Corp. (NYSE: IAG) shares accounts for 55.61% of the company’s 481.30M shares outstanding. Mutual fund holders own 18.34%, while other institutional holders and individual stakeholders account for 38.32% and — respectively.
It has a market capitalization of $1.26B and a beta (3y monthly) value of 1.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.23% over the week and 4.52% over the month.
Analysts forecast that Iamgold Corp. (IAG) will achieve an EPS of -$0.01 for the current quarter, $0.03 for the next quarter and $0.22 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.04 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 133.55%, and 663.09% 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.
