Cormark Comments on IAMGOLD’s FY2024 Earnings (NYSE:IAG)

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Analysts at Cormark cut their FY2024 earnings estimates for shares of IAMGOLD in a research report issued on Wednesday, January 15th. Cormark analyst R. Gray now anticipates that the mining company will post earnings per share of $0.57 for the year, down from their prior estimate of $0.62. The consensus estimate for IAMGOLD’s current full-year earnings is $0.60 per share. Cormark also issued estimates for IAMGOLD’s Q4 2024 earnings at $0.12 EPS, Q1 2025 earnings at $0.12 EPS, Q2 2025 earnings at $0.13 EPS, FY2025 earnings at $0.62 EPS and FY2026 earnings at $1.13 EPS.

Other research analysts have also recently issued research reports about the stock. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating and upped their target price for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Raymond James cut their price target on IAMGOLD from $6.50 to $6.00 and set an “underperform” rating on the stock in a research note on Wednesday, January 15th. CIBC upgraded IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research note on Tuesday, October 22nd. Finally, StockNews.com cut shares of IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.57.

IAMGOLD Trading Up 2.7 %

Shares of IAMGOLD stock opened at $5.60 on Monday. IAMGOLD has a 1-year low of $2.23 and a 1-year high of $6.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The stock has a market cap of $3.20 billion, a P/E ratio of 4.37 and a beta of 1.56. The stock’s 50 day simple moving average is $5.39 and its 200-day simple moving average is $5.05.

Institutional Investors Weigh In On IAMGOLD

A number of large investors have recently added to or reduced their stakes in IAG. ORG Partners LLC acquired a new stake in IAMGOLD in the third quarter valued at $29,000. Eastern Bank acquired a new position in shares of IAMGOLD during the third quarter worth approximately $30,000. International Assets Investment Management LLC bought a new position in IAMGOLD in the 3rd quarter valued at about $700,000. Flow Traders U.S. LLC bought a new position in shares of IAMGOLD in the third quarter valued at approximately $93,000. Finally, Verition Fund Management LLC bought a new position in shares of IAMGOLD in the third quarter valued at $114,000. 47.08% of the stock is owned by institutional investors and hedge funds.

About IAMGOLD

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.