Cormark Has Bearish Outlook for IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Cormark lowered their FY2024 earnings per share estimates for IAMGOLD in a research note issued 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 estimate 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 research analysts have also commented on the stock. Canaccord Genuity Group raised shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating and increased their price target for the company from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research note on Tuesday, October 22nd. Finally, National Bank Financial upgraded shares of IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, IAMGOLD has a consensus rating of “Moderate Buy” and an average price target of $6.57.

IAMGOLD Stock Performance

Shares of IAMGOLD stock opened at $5.78 on Monday. 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 stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 4.51 and a beta of 1.56. The business has a 50-day moving average of $5.39 and a 200 day moving average of $5.06. IAMGOLD has a 12 month low of $2.28 and a 12 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.07. IAMGOLD had a return on equity of 10.01% and a net margin of 49.56%. The firm had revenue of $438.90 million during the quarter. During the same period in the previous year, the business posted ($0.01) earnings per share.

Hedge Funds Weigh In On IAMGOLD

Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its position 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 last quarter. XTX Topco Ltd acquired a new position in IAMGOLD during the second quarter worth $241,000. Marshall Wace LLP purchased a new position in shares of IAMGOLD in the 2nd quarter valued at about $592,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in IAMGOLD by 3.0% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock valued at $1,154,000 after purchasing an additional 8,972 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in IAMGOLD by 1,002.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 424,452 shares of the mining company’s stock valued at $1,592,000 after acquiring an additional 385,955 shares during the last quarter. Hedge funds and other institutional investors 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.