Cormark Has Strong Forecast for IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Research analysts at Cormark upped their FY2024 earnings per share (EPS) estimates for IAMGOLD in a research note issued to investors on Monday, November 11th. Cormark analyst R. Gray now expects that the mining company will earn $0.62 per share for the year, up from their prior forecast of $0.49. The consensus estimate for IAMGOLD’s current full-year earnings is $0.56 per share. Cormark also issued estimates for IAMGOLD’s Q4 2024 earnings at $0.16 EPS and FY2025 earnings at $0.94 EPS.

Several other brokerages have also recently commented on IAG. CIBC boosted their price target on shares of IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. StockNews.com upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Monday. Scotiabank boosted their price objective on IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and lifted their price target for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, IAMGOLD currently has an average rating of “Moderate Buy” and a consensus target price of $6.68.

IAMGOLD Trading Down 1.0 %

IAG stock opened at $4.98 on Wednesday. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of 3.89 and a beta of 1.57. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. IAMGOLD has a 1-year low of $2.11 and a 1-year high of $6.37. The business has a 50 day simple moving average of $5.29 and a two-hundred day simple moving average of $4.53.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IAG. ORG Partners LLC purchased a new stake in IAMGOLD during the 3rd quarter valued at about $29,000. Eastern Bank acquired a new stake in shares of IAMGOLD in the third quarter valued at about $30,000. Aigen Investment Management LP increased its stake in IAMGOLD by 10.6% during the 3rd quarter. Aigen Investment Management LP now owns 70,244 shares of the mining company’s stock worth $368,000 after buying an additional 6,704 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock valued at $1,154,000 after purchasing an additional 8,972 shares during the last quarter. Finally, Continuum Advisory LLC raised its position in shares of IAMGOLD by 92.9% in the second quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock valued at $77,000 after buying an additional 9,850 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

IAMGOLD Company Profile

IAMGOLD Corporation, through its subsidiaries, operates as an intermediate gold producer and developer in Canada and Burkina Faso. It owns 100% interest in the Westwood project that covers an area of 1,925 hectare and located in Quebec; a 60% interest in the Côté gold project, which covers an area of 596 square kilometer located in Ontario, Canada; and a 90% interests in the Essakane project that covers an area of 274,000 square kilometer situated in Burkina Faso.