IAMGOLD Corporation [NYSE: IAG] stock went on a downward path that fall over -6.14% on Tuesday, amounting to a one-week price decrease of less than -5.73%. The company report on March 6, 2023 that IAMGOLD Announces Appointment of Renaud Adams as President and CEO and Maarten Theunissen as CFO.
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Toronto, Ontario–(Newsfile Corp. – March 6, 2023) – IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) (“IAMGOLD” or the “Company”) today announced that its board of directors has appointed Renaud Adams as the Company’s President and Chief Executive Officer, effective April 3, 2023. Mr. Adams is replacing Maryse Bélanger, Chair of the Board, who was acting as Interim President and CEO during the executive search process. Mr. Adams will also serve as a member of the Board of Directors (the “Board”). In addition, Maarten Theunissen has been appointed permanent Chief Financial Officer, having served as Interim CFO since September 2022.
“The appointment of Renaud Adams represents the culmination of an extensive and rigorous search process led by the Board’s CEO Search Committee,” said Maryse Bélanger, Chair of the Board. “Renaud offers the rare combination of operational, strategic and capital markets experience, with a proven track record of leading a safety-first culture, attributes that are essential for leading a global mining company today. The entire Board looks forward to working with Renaud as he provides the leadership to guide IAMGOLD towards its goal of becoming a leading high-margin gold producer.”.
Over the last 12 months, IAG stock dropped by -35.74%. The one-year IAMGOLD Corporation stock forecast points to a potential upside of 25.17. The average equity rating for IAG stock is currently 2.80, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $993.64 million, with 478.60 million shares outstanding and 477.96 million shares in the current float. Compared to the average trading volume of 6.22M shares, IAG stock reached a trading volume of 6455320 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on IAMGOLD Corporation [IAG]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IAG shares is $2.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IAG stock is a recommendation set at 2.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Stifel have made an estimate for IAMGOLD Corporation shares, keeping their opinion on the stock as Hold, with their previous recommendation back on December 21, 2022. The new note on the price target was released on December 20, 2022, representing the official price target for IAMGOLD Corporation stock. On October 19, 2022, analysts decreased their price target for IAG shares from 2.10 to 1.65.
The Average True Range (ATR) for IAMGOLD Corporation is set at 0.11, with the Price to Sales ratio for IAG stock in the period of the last 12 months amounting to 1.04. The Price to Book ratio for the last quarter was 0.48, with the Price to Cash per share for the same quarter was set at 0.88. Price to Free Cash Flow for IAG in the course of the last twelve months was 2.71 with Quick ratio for the last quarter at 2.00.
IAG Stock Performance Analysis:
IAMGOLD Corporation [IAG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.73. With this latest performance, IAG shares dropped by -19.55% in over the last four-week period, additionally plugging by 84.48% over the last 6 months – not to mention a drop of -35.74% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IAG stock in for the last two-week period is set at 30.58, with the RSI for the last a single of trading hit 25.25, and the three-weeks RSI is set at 36.56 for IAMGOLD Corporation [IAG]. The present Moving Average for the last 50 days of trading for this stock 2.57, while it was recorded at 2.28 for the last single week of trading, and 1.85 for the last 200 days.
Insight into IAMGOLD Corporation Fundamentals:
IAMGOLD Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.40.
IAMGOLD Corporation [IAG] Insider Position Details
There are presently around $494 million, or 76.80% of IAG stock, in the hands of institutional investors. The top three institutional holders of IAG stocks are: VAN ECK ASSOCIATES CORP with ownership of 44,904,343, which is approximately -2.608% of the company’s market cap and around 1.70% of the total institutional ownership; DONALD SMITH & CO., INC., holding 36,737,501 shares of the stock with an approximate value of $78.62 million in IAG stocks shares; and KOPERNIK GLOBAL INVESTORS, LLC, currently with $51.45 million in IAG stock with ownership of nearly 1.005% of the company’s market capitalization.
68 institutional holders increased their position in IAMGOLD Corporation [NYSE:IAG] by around 21,251,074 shares. Additionally, 59 investors decreased positions by around 28,045,474 shares, while 22 investors held positions by with 181,378,063 shares. The mentioned changes placed institutional holdings at 230,674,611 shares, according to the latest SEC report filing. IAG stock had 27 new institutional investments in for a total of 14,022,674 shares, while 18 institutional investors sold positions of 1,810,596 shares during the same period.