Cormark Analysts Increase Earnings Estimates for IAMGOLD

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Analysts at Cormark increased their FY2024 earnings per share (EPS) estimates for IAMGOLD in a report released on Monday, November 11th. Cormark analyst R. Gray now forecasts that the mining company will earn $0.62 per share for the year, up from their prior forecast of $0.49. The consensus estimate for IAMGOLD’s current full-year earnings is $0.53 per share. Cormark also issued estimates for IAMGOLD’s Q4 2024 earnings at $0.16 EPS and FY2025 earnings at $0.94 EPS.

IAG has been the topic of a number of other research reports. National Bank Financial raised shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the company from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Royal Bank of Canada reiterated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research report on Tuesday, October 22nd. Finally, CIBC raised their price target on IAMGOLD from $5.40 to $6.40 and gave the company a “neutral” rating in a research report on Tuesday, October 22nd. 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 data from MarketBeat.com, IAMGOLD currently has an average rating of “Moderate Buy” and an average target price of $6.68.

IAMGOLD Price Performance

Shares of NYSE IAG opened at $5.03 on Wednesday. The company’s fifty day moving average is $5.28 and its two-hundred day moving average is $4.53. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.61 and a current ratio of 0.89. The firm has a market capitalization of $2.87 billion, a P/E ratio of 3.93 and a beta of 1.57. IAMGOLD has a one year low of $2.11 and a one year high of $6.37.

Hedge Funds Weigh In On IAMGOLD

A number of institutional investors have recently made changes to their positions in the stock. Millennium Management LLC boosted its stake in shares of IAMGOLD by 194.2% during the 2nd quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock worth $29,573,000 after purchasing an additional 5,204,715 shares during the last quarter. Van ECK Associates Corp grew its stake in IAMGOLD by 8.8% in the 3rd 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 period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in IAMGOLD by 158.1% in the 3rd 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 during the last quarter. Mackenzie Financial Corp lifted its stake in shares of IAMGOLD by 133.8% during the 2nd quarter. Mackenzie Financial Corp now owns 2,992,780 shares of the mining company’s stock worth $11,246,000 after purchasing an additional 1,712,640 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of IAMGOLD by 28.6% during the second quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock worth $21,423,000 after purchasing an additional 1,270,608 shares during the last quarter. 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.