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.
Currently, there are 481.30M common shares owned by the public and among those 480.12M shares have been available to trade.
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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.
However, the script later moved the day high at 2.6600, up 14.78%. The company’s stock has a 5-day price change of 5.60% and 9.54% over the past three months. IAG shares are trading 4.35% year to date (YTD), with the 12-month market performance down to -2.94% lower. 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 6.17 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 7.21%, 8.82%, and 2.83% 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 18.88%, while other institutional holders and individual stakeholders account for 37.78% and — respectively.
It has a market capitalization of $1.27B and a beta (3y monthly) value of 1.65. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.29% over the week and 4.90% 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 $0.2 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 145.15%, and 385.23% over the next financial year.
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.
