Cormark Has Positive Forecast for IAMGOLD Q4 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Equities researchers at Cormark raised their Q4 2024 earnings per share estimates for IAMGOLD in a note issued to investors on Thursday, October 24th. Cormark analyst R. Gray now expects that the mining company will earn $0.15 per share for the quarter, up from their previous forecast of $0.11. The consensus estimate for IAMGOLD’s current full-year earnings is $0.51 per share.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its earnings results on Thursday, August 8th. The mining company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The business had revenue of $385.30 million for the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same period in the previous year, the firm posted ($0.01) earnings per share.

A number of other equities research analysts also recently weighed in on the company. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Scotiabank boosted their price objective on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a report on Monday, August 19th. StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Saturday, August 17th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and boosted their price target for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Finally, CIBC raised their price objective on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, IAMGOLD currently has an average rating of “Hold” and an average price target of $6.07.

IAMGOLD Stock Performance

NYSE:IAG opened at $5.65 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.90 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $5.20 and a 200 day simple moving average of $4.38. IAMGOLD has a 1-year low of $2.11 and a 1-year high of $6.37. The stock has a market cap of $3.22 billion, a P/E ratio of 20.18 and a beta of 1.59.

Hedge Funds Weigh In On IAMGOLD

Institutional investors have recently modified their holdings of the business. Measured Wealth Private Client Group LLC bought a new position in IAMGOLD in the third quarter valued at about $231,000. Semanteon Capital Management LP bought a new stake in shares of IAMGOLD during the 3rd quarter valued at approximately $503,000. Leuthold Group LLC acquired a new position in IAMGOLD during the 3rd quarter worth approximately $2,951,000. International Assets Investment Management LLC bought a new position in IAMGOLD in the 3rd quarter valued at approximately $700,000. Finally, Eastern Bank acquired a new stake in IAMGOLD in the third quarter valued at approximately $30,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.