National Bank Financial Expects Lower Earnings for IAMGOLD

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Equities research analysts at National Bank Financial cut their FY2024 earnings per share estimates for IAMGOLD in a report released on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now expects that the mining company will post earnings of $0.63 per share for the year, down from their prior estimate of $0.66. National Bank Financial has a “Outperform” rating on the stock. The consensus estimate for IAMGOLD’s current full-year earnings is $0.51 per share. National Bank Financial also issued estimates for IAMGOLD’s FY2025 earnings at $0.89 EPS.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.08. The firm had revenue of $385.30 million during the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same quarter in the prior year, the company earned ($0.01) earnings per share.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and increased their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. StockNews.com raised IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. CIBC increased their price objective on shares of IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a report on Tuesday, October 22nd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $6.07.

IAMGOLD Trading Down 3.7 %

Shares of IAMGOLD stock opened at $5.77 on Friday. The stock has a market capitalization of $3.30 billion, a P/E ratio of 23.08 and a beta of 1.59. IAMGOLD has a 12-month low of $2.11 and a 12-month high of $6.37. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. The company has a 50-day simple moving average of $5.20 and a 200 day simple moving average of $4.38.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Virtu Financial LLC boosted its holdings in IAMGOLD by 1,034.3% during the first quarter. Virtu Financial LLC now owns 339,792 shares of the mining company’s stock worth $1,132,000 after buying an additional 309,836 shares during the last quarter. Helikon Investments Ltd boosted its stake in IAMGOLD by 250.5% during the 1st quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company’s stock worth $109,429,000 after acquiring an additional 23,485,183 shares during the last quarter. Headlands Technologies LLC acquired a new position in IAMGOLD during the first quarter valued at approximately $389,000. U S Global Investors Inc. grew its holdings in IAMGOLD by 241.6% during the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after purchasing an additional 604,114 shares during the period. Finally, BNP Paribas Financial Markets increased its stake in IAMGOLD by 326.7% in the first quarter. BNP Paribas Financial Markets now owns 609,440 shares of the mining company’s stock valued at $2,029,000 after purchasing an additional 466,620 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.