Cormark Has Pessimistic Outlook of IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Analysts at Cormark decreased their FY2024 EPS estimates for IAMGOLD in a research note issued on Wednesday, January 15th. Cormark analyst R. Gray now anticipates that the mining company will post earnings per share of $0.57 for the year, down from their prior forecast of $0.62. The consensus estimate for IAMGOLD’s current full-year earnings is $0.58 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.

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

IAMGOLD Stock Performance

IAG opened at $5.78 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $5.39 and its 200-day moving average is $5.06. The stock has a market cap of $3.30 billion, a PE ratio of 4.51 and a beta of 1.56. IAMGOLD has a twelve month low of $2.28 and a twelve month high of $6.37.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Thursday, November 7th. The mining company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.07. IAMGOLD had a net margin of 49.56% and a return on equity of 10.01%. The firm had revenue of $438.90 million for the quarter. During the same quarter in the prior year, the business earned ($0.01) earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Millennium Management LLC raised its position in shares of IAMGOLD by 194.2% during the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after buying an additional 5,204,715 shares during the last quarter. FMR LLC boosted its holdings in shares of IAMGOLD by 107.9% in the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock worth $46,174,000 after acquiring an additional 4,577,599 shares in the last quarter. Van ECK Associates Corp grew its position in IAMGOLD by 8.8% during 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 last quarter. Two Sigma Advisers LP increased its holdings in IAMGOLD by 58.8% during the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after purchasing an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in IAMGOLD by 130.6% in the third quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock worth $28,385,000 after purchasing an additional 3,049,252 shares in the last quarter. 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.