Connect with us

Precious Metals

Why Buy Stock In IAMGOLD Corporation (IAG)?

IAMGOLD Corporation (NYSE:IAG) has a beta value of 1.48 and has seen 0.8 million shares traded in the recent trading session. The company, currently valued…

Share this article:



This article was originally published by The Marketing Sentinal

IAMGOLD Corporation (NYSE:IAG) has a beta value of 1.48 and has seen 0.8 million shares traded in the recent trading session. The company, currently valued at $1.11B, closed the recent trade at $2.28 per share which meant it lost -$0.02 on the day or -1.09% during that session. The IAG stock price is -46.49% off its 52-week high price of $3.34 and 59.65% above the 52-week low of $0.92. If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.66 million shares traded. The 3-month trading volume is 2.92 million shares.

The consensus among analysts is that IAMGOLD Corporation (IAG) is a Hold stock at the moment, with a recommendation rating of 2.70. 2 analysts rate the stock as a Sell, while 1 rate it as Overweight. 7 out of 13 have rated it as a Hold, with 3 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.01.

IAMGOLD Corporation (NYSE:IAG) trade information

Sporting -1.09% in the red today, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 09/12/23 when the IAG stock price touched $2.28 or saw a rise of 3.8%. Year-to-date, IAMGOLD Corporation shares have moved -11.82%, while the 5-day performance has seen it change -1.09%. Over the past 30 days, the shares of IAMGOLD Corporation (NYSE:IAG) have changed -1.52%. Short interest in the company has seen 8.49 million shares shorted with days to cover at 2.94.

Wall Street analysts have a consensus price target for the stock at $3.25, which means that the shares’ value could jump 29.85% from the levels at last check today. The projected low price target is $2.50 while the price target rests at a high of $4.10. In that case, then, we find that the latest price level in today’s session is -79.82% off the targeted high while a plunge would see the stock gain -9.65% from the levels at last check today.

IAMGOLD Corporation (IAG) estimates and forecasts

Figures show that IAMGOLD Corporation shares have outperformed across the wider relevant industry. The company’s shares have lost -3.60% over the past 6 months, with this year growth rate of 157.14%, compared to 19.20% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 133.30% and 100.00% for the next quarter. Revenue growth from the last financial year stood is estimated to be -2.80%.

3 analysts offering their estimates for the company have set an average revenue estimate of $239.99 million for the current quarter. 2 have an estimated revenue figure of $237.13 million for the next quarter concluding in Dec 2023. Year-ago sales stood $297.85 million and $207.2 million respectively for this quarter and the next, and analysts expect sales will shrink by -19.40% for the current quarter and 14.40% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -16.00% over the past 5 years.

IAG Dividends

IAMGOLD Corporation is expected to release its next earnings report between November 06 and November 10 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue.

IAMGOLD Corporation (NYSE:IAG)’s Major holders

Insiders own 0.07% of the company shares, while shares held by institutions stand at 67.84% with a share float percentage of 67.89%. Investors are also buoyed by the number of investors in a company, with IAMGOLD Corporation having a total of 237 institutions that hold shares in the company. The top two institutional holders are Van Eck Associates Corporation with over 44.97 million shares worth more than $102.76 million. As of Jun 29, 2023, Van Eck Associates Corporation held 9.35% of shares outstanding.

The other major institutional holder is Smith (Donald) & Company Inc., with the holding of over 31.38 million shares as of Jun 29, 2023. The firm’s total holdings are worth over $71.7 million and represent 6.52% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are VanEck ETF Trust-VanEck Gold Miners ETF and VanEck ETF Trust-VanEck Junior Gold Miners ETF. As of Jul 30, 2023, the former fund manager holds about 5.27% shares in the company for having 25.37 million shares of worth $57.96 million while later fund manager owns 16.04 million shares of worth $36.65 million as of Jul 30, 2023, which makes it owner of about 3.33% of company’s outstanding stock.

Share this article:


Don’t Miss Out: 3 Dividend Stocks to Buy on EVERY. SINGLE. DIP.

There is no better way to create wealth than investing in stocks. Not gold, not bonds, not real estate. Over short periods of time, different asset classes…

Share this article:

Continue Reading
Precious Metals

Bond market breathes much-needed sigh of relief

After just missing a 16-year high, US GDP data has shown yields to be marginally smaller than expected for September. The retreat in yields has allowed…

Share this article:

Continue Reading

Alicanto starts drilling for ‘repeats’ of historic, world class Falun copper-gold mine

Special Report: Alicanto Minerals has begun diamond drilling in Sweden to test high priority brownfields targets at the world-class historic … Read More

Share this article:

Continue Reading