Cormark Issues Pessimistic Forecast for IAMGOLD Earnings

IAMGOLD Co. (TSE:IMG) (NYSE:IAG) – Stock analysts at Cormark cut their FY2024 earnings per share (EPS) estimates for shares of IAMGOLD in a report released on Wednesday, January 15th. Cormark analyst R. Gray now expects that the mining company will post earnings per share of $0.82 for the year, down from their prior forecast of $0.86. The consensus estimate for IAMGOLD’s current full-year earnings is $1.11 per share. Cormark also issued estimates for IAMGOLD’s Q4 2024 earnings at $0.17 EPS, Q1 2025 earnings at $0.17 EPS, Q2 2025 earnings at $0.19 EPS, FY2025 earnings at $0.89 EPS and FY2026 earnings at $1.63 EPS.

A number of other research firms have also issued reports on IMG. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. National Bankshares reduced their target price on shares of IAMGOLD from C$12.50 to C$12.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. National Bank Financial raised shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus lifted their price objective on IAMGOLD from C$6.00 to C$9.00 in a research note on Monday, October 21st. Finally, Cibc World Mkts upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Two research analysts have rated the stock with a hold rating, one has given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, IAMGOLD currently has a consensus rating of “Buy” and a consensus target price of C$8.30.

IAMGOLD Price Performance

Shares of IMG opened at C$8.14 on Monday. The firm has a market capitalization of C$4.64 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of -0.28 and a beta of 1.47. The company has a debt-to-equity ratio of 35.17, a current ratio of 1.34 and a quick ratio of 1.19. The company’s fifty day moving average price is C$7.65 and its 200-day moving average price is C$6.97. IAMGOLD has a 1-year low of C$3.06 and a 1-year high of C$8.80.

Insiders Place Their Bets

In other news, Senior Officer Timothy Bradburn sold 16,800 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of C$8.10, for a total value of C$136,080.00. Also, Director Renaud Adams acquired 36,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were acquired at an average cost of C$6.95 per share, with a total value of C$250,102.80. 0.10% of the stock is currently owned by company insiders.

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.