Cormark Has Negative Estimate for IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Cormark reduced their FY2024 earnings per share estimates for shares of IAMGOLD in a note issued to investors on Wednesday, January 15th. Cormark analyst R. Gray now anticipates that the mining company will earn $0.57 per share 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.

IAG has been the subject of several other research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. StockNews.com lowered IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday, January 15th. Raymond James lowered their price objective on IAMGOLD from $6.50 to $6.00 and set an “underperform” rating for the company in a research report on Wednesday, January 15th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.57.

IAMGOLD Stock Performance

NYSE IAG opened at $5.60 on Monday. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 0.24. IAMGOLD has a fifty-two week low of $2.23 and a fifty-two week high of $6.37. The business has a fifty day moving average of $5.39 and a 200-day moving average of $5.06. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 4.37 and a beta of 1.56.

Hedge Funds Weigh In On IAMGOLD

Institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets boosted its stake in shares of IAMGOLD by 368.1% in the third quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock valued at $7,772,000 after purchasing an additional 1,196,564 shares during the period. Semanteon Capital Management LP purchased a new position in IAMGOLD in the 3rd quarter valued at about $503,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of IAMGOLD by 158.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock valued at $24,301,000 after acquiring an additional 2,839,556 shares in the last quarter. Van ECK Associates Corp increased its position in shares of IAMGOLD by 8.8% during the third quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock worth $276,639,000 after acquiring an additional 4,267,084 shares during the last quarter. Finally, U S Global Investors Inc. lifted its stake in shares of IAMGOLD by 241.6% in the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock worth $4,467,000 after acquiring an additional 604,114 shares in the last quarter. Hedge funds and other 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.