Cormark Issues Positive Outlook for IAMGOLD Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Equities research analysts at Cormark raised their Q4 2024 earnings estimates for shares of IAMGOLD in a note issued to investors on Thursday, October 24th. Cormark analyst R. Gray now expects that the mining company will post earnings of $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 announced its quarterly earnings data on Thursday, August 8th. The mining company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. The firm had revenue of $385.30 million for the quarter. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. During the same period in the previous year, the business posted ($0.01) earnings per share.

A number of other analysts have also recently commented on IAG. National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Royal Bank of Canada reissued a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Canaccord Genuity Group raised shares of 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 report on Tuesday, October 22nd. Finally, Scotiabank raised their price objective on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, IAMGOLD presently has a consensus rating of “Hold” and an average price target of $6.07.

IAMGOLD Stock Down 2.1 %

Shares of IAMGOLD stock opened at $5.65 on Monday. The business has a fifty day simple moving average of $5.20 and a 200 day simple moving average of $4.38. The stock has a market cap of $3.22 billion, a PE ratio of 20.18 and a beta of 1.59. The company has a quick ratio of 0.90, a current ratio of 1.34 and a debt-to-equity ratio of 0.30. IAMGOLD has a 12 month low of $2.11 and a 12 month high of $6.37.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IAG. ORG Partners LLC acquired a new position in shares of IAMGOLD during the 3rd quarter worth about $29,000. Eastern Bank bought a new stake in IAMGOLD during the third quarter worth about $30,000. TIAA Trust National Association acquired a new position in IAMGOLD during the second quarter valued at approximately $38,000. International Assets Investment Management LLC acquired a new position in shares of IAMGOLD during the 3rd quarter worth approximately $700,000. Finally, WINTON GROUP Ltd acquired a new position in shares of IAMGOLD during the 2nd quarter worth approximately $52,000. 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.