Cormark Has Positive Forecast for IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Stock analysts at Cormark increased their FY2024 earnings estimates for IAMGOLD in a research report issued on Monday, November 11th. Cormark analyst R. Gray now forecasts that the mining company will post earnings per share of $0.62 for the year, up from their previous 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.

Other research analysts have also issued reports about the company. CIBC raised their price target on IAMGOLD from $5.40 to $6.40 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. StockNews.com raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Monday. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Scotiabank lifted 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. Finally, National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Stock Performance

Shares of IAG stock opened at $4.98 on Wednesday. The firm has a market cap of $2.84 billion, a P/E ratio of 3.89 and a beta of 1.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. IAMGOLD has a one year low of $2.11 and a one year high of $6.37. The firm’s 50 day moving average price is $5.29 and its 200-day moving average price is $4.53.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC boosted its position in shares of IAMGOLD by 194.2% in the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after purchasing an additional 5,204,715 shares during the period. FMR LLC boosted its holdings in IAMGOLD by 107.9% in the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after purchasing an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of IAMGOLD by 8.8% in the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after buying an additional 4,267,084 shares in the last quarter. Bank of Montreal Can grew its holdings in IAMGOLD by 130.6% during the third quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock worth $28,385,000 after acquiring an additional 3,049,252 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in IAMGOLD by 158.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after acquiring an additional 2,839,556 shares in the last quarter. Institutional investors and hedge funds 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.