IAMGOLD Corporation [IAG] is -8.91% lower this YTD. Is it still time to buy?

IAMGOLD Corporation [NYSE: IAG] traded at a high on 03/13/23, posting a 10.33 gain after which it closed the day’ session at $2.35. 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.”.

The results of the trading session contributed to over 8102373 shares changing hands. Over the past one week, the price volatility of IAMGOLD Corporation stands at 5.95% while the volatility over the past one month is 4.43%.

The market cap for IAG stock reached $1.10 billion, with 478.60 million shares outstanding and 477.96 million shares in the current float. Compared to the average trading volume of 6.33M shares, IAG reached a trading volume of 8102373 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $2.84 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 0.12, with the Price to Sales ratio for IAG stock in the period of the last 12 months amounting to 1.14. The Price to Book ratio for the last quarter was 0.53, with the Price to Cash per share for the same quarter was set at 0.87. Price to Free Cash Flow for IAG in the course of the last twelve months was 3.00 with Quick ratio for the last quarter at 2.00.

How has IAG stock performed recently?

IAMGOLD Corporation [IAG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.07. With this latest performance, IAG shares dropped by -9.62% in over the last four-week period, additionally plugging by 76.69% over the last 6 months – not to mention a drop of -32.28% 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 49.76, with the RSI for the last a single of trading hit 55.21, and the three-weeks RSI is set at 48.78 for IAMGOLD Corporation [IAG]. The present Moving Average for the last 50 days of trading for this stock 2.54, while it was recorded at 2.16 for the last single week of trading, and 1.84 for the last 200 days.

IAMGOLD Corporation [IAG]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and IAMGOLD Corporation [IAG] shares currently have an operating margin of +4.86 and a Gross Margin at +10.18. IAMGOLD Corporation’s Net Margin is presently recorded at -5.78.

Return on Equity for this stock declined to -2.53, with Return on Assets sitting at -1.22.

IAMGOLD Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.00 and a Current Ratio set at 2.40.

Insider trade positions for IAMGOLD Corporation [IAG]

There are presently around $542 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 $86.33 million in IAG stocks shares; and KOPERNIK GLOBAL INVESTORS, LLC, currently with $56.5 million in IAG stock with ownership of nearly 1.005% of the company’s market capitalization.

Positions in IAMGOLD Corporation stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 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.


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