Pale Fire Capital Increases IAMGOLD Stake to $41.12 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Fool
- Increased Stake: Pale Fire Capital SE acquired an additional 2.61 million shares of IAMGOLD during Q3, raising its total holdings to 3.93 million shares valued at approximately $50.83 million, indicating strong confidence in the company's growth prospects.
- Portfolio Optimization: This purchase elevated IAMGOLD's share to 5.56% of Pale Fire Capital's reportable U.S. equity AUM, enhancing its significance within the fund's investment strategy.
- Outstanding Market Performance: IAMGOLD's stock price surged 242% over the past year, significantly outperforming the S&P 500's 15% increase, reflecting market recognition of its recovery potential.
- Operational Shift: IAMGOLD's business model has transitioned from survival to execution, with improved production capabilities across multiple regions enabling stronger profitability in a high gold price environment, attracting a reallocation of capital into its strengths.
IAG
$17.61+Infinity%1D
Analyst Views on IAG
Wall Street analysts forecast IAG stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for IAG is 16.66 USD with a low forecast of 13.00 USD and a high forecast of 19.95 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
6 Buy
2 Hold
0 Sell
Strong Buy
Current: 17.320
Low
13.00
Averages
16.66
High
19.95
Current: 17.320
Low
13.00
Averages
16.66
High
19.95
About IAG
IAMGOLD Corporation is a Canada-based intermediate gold producer and developer. The Company operates mines in North America and West Africa, including Cote Gold (Canada), Westwood (Canada) and Essakane (Burkina Faso). The Essakane Gold Mine, located in northeastern Burkina Faso. The Westwood Gold Complex, located in Quebec, Canada, includes the Westwood underground mine and the Grand Duc open pit, collectively known as the Westwood Complex. The Cote Gold Mine, located in northeastern Ontario, is an open-pit gold mining operation. It owns a 100% interest in the Nelligan Gold Project, located 60Km southwest of Chibougamau. The Company holds the Muus Project, which covers approximately 25,250 hectares in the northeastern part of the Abitibi Greenstone Belt. The Company holds a 100% interest in the Monster Lake Gold Project, which is located north of Nelligan in the Chapais Chibougamau area in Quebec. The Company also holds Philibert, Chevrier and Croteau projects.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
