Top 5 Mid Cap Stocks to Own for Decades According to Hedge Funds

3. IAMGOLD Corporation (NYSE:IAG)

Market Capitalization: $9.13 Billion

Stock Upside Potential: 65.31%

Number of Hedge Fund Holders: 46

IAMGOLD Corporation (NYSE:IAG) is one of the top mid-cap stocks to own for decades, according to hedge funds. On June 18, IAMGOLD Corporation (NYSE:IAG) amended its secured revolving credit facility. It increased its total available commitments to $850 million from $650 million. It also extended the maturity date of the credit facility to June 17, 2030, from December 20, 2028.

The amended credit facility comes with an accordion feature of up to $250 million that allows IAMGOLD to further increase available liquidity, subject to lender approval. The much bigger credit facility will strengthen the company’s financial position while also lowering its cost of capital. In addition, it should provide meaningful flexibility as the mining giant advances its operating portfolio and pursues internal growth opportunities.

The strengthening of the financial position comes on the heels of IAMGOLD Corporation announcing 12% increase in mineral resources at its Côté Gold Mine in Ontario, Canada. The updated mineral resource now shows 20.3 million ounces of gold in measured and indicated categories.

IAMGOLD Corporation (NYSE:IAG) is a Canadian-based intermediate gold producer and developer with active mining operations and exploration projects across North America and West Africa. The company’s core activities focus on the exploration, development, and mining of gold.