Cormark Weighs in on IAMGOLD’s FY2024 Earnings (NYSE:IAG)

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Equities research analysts at Cormark decreased their FY2024 earnings per share (EPS) estimates for shares of IAMGOLD in a note issued to investors on Wednesday, January 15th. Cormark analyst R. Gray now expects that the mining company will earn $0.57 per share for the year, down from their previous forecast 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.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group upgraded shares of 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 report on Tuesday, October 22nd. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Raymond James dropped their price target on IAMGOLD from $6.50 to $6.00 and set an “underperform” rating for the company in a report on Wednesday, January 15th. Finally, CIBC raised shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, IAMGOLD presently has an average rating of “Moderate Buy” and a consensus price target of $6.57.

IAMGOLD Stock Performance

Shares of NYSE:IAG opened at $5.60 on Monday. IAMGOLD has a fifty-two week low of $2.23 and a fifty-two week high of $6.37. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The business’s fifty day moving average price is $5.39 and its two-hundred day moving average price is $5.05. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of 4.37 and a beta of 1.56.

Hedge Funds Weigh In On IAMGOLD

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised 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 during the period. Two Sigma Advisers LP boosted its position in shares of IAMGOLD by 58.8% in the third quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after acquiring an additional 3,732,315 shares during the period. FMR LLC grew its stake in IAMGOLD by 107.9% during the third quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after acquiring an additional 4,577,599 shares in the last quarter. Millennium Management LLC lifted its stake in IAMGOLD by 194.2% in 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 in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in IAMGOLD by 18.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,663,676 shares of the mining company’s stock valued at $21,239,000 after purchasing an additional 898,077 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.