Cormark Brokers Boost Earnings Estimates for IAMGOLD Co. (NYSE:IAG)

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Stock analysts at Cormark upped their Q1 2024 earnings per share (EPS) estimates for IAMGOLD in a report issued on Monday, April 22nd. Cormark analyst R. Gray now expects that the mining company will earn $0.00 per share for the quarter, up from their previous forecast of ($0.01). The consensus estimate for IAMGOLD’s current full-year earnings is $0.10 per share.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, February 15th. The mining company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. The firm had revenue of $297.60 million for the quarter. IAMGOLD had a return on equity of 1.97% and a net margin of 9.55%.

A number of other equities analysts have also recently weighed in on the stock. StockNews.com cut shares of IAMGOLD from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Scotiabank raised their price objective on IAMGOLD from $3.25 to $3.75 and gave the company a “sector perform” rating in a research note on Thursday, April 18th. CIBC lifted their price objective on IAMGOLD from $3.00 to $3.10 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. BMO Capital Markets increased their target price on IAMGOLD from $4.00 to $4.25 and gave the company an “outperform” rating in a research note on Friday, April 5th. Finally, National Bank Financial restated a “sector perform spec overwgt” rating on shares of IAMGOLD in a research note on Monday, April 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat, IAMGOLD presently has a consensus rating of “Hold” and an average target price of $3.55.

IAMGOLD Price Performance

Shares of IAG stock opened at $3.61 on Tuesday. IAMGOLD has a twelve month low of $1.99 and a twelve month high of $3.92. The company has a market capitalization of $1.79 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 0.90 and a beta of 1.70. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 0.36. The firm has a fifty day simple moving average of $3.16 and a 200-day simple moving average of $2.69.

Institutional Investors Weigh In On IAMGOLD

A number of institutional investors have recently modified their holdings of IAG. Euro Pacific Asset Management LLC grew its position in shares of IAMGOLD by 48.1% during the fourth quarter. Euro Pacific Asset Management LLC now owns 2,727,065 shares of the mining company’s stock worth $6,898,000 after acquiring an additional 885,697 shares during the last quarter. Intact Investment Management Inc. acquired a new stake in shares of IAMGOLD in the third quarter valued at approximately $916,000. Sprott Inc. raised its holdings in shares of IAMGOLD by 888.7% during the third quarter. Sprott Inc. now owns 1,279,400 shares of the mining company’s stock valued at $2,751,000 after buying an additional 1,150,000 shares during the last quarter. Qube Research & Technologies Ltd raised its holdings in shares of IAMGOLD by 54.5% during the third quarter. Qube Research & Technologies Ltd now owns 976,698 shares of the mining company’s stock valued at $2,100,000 after buying an additional 344,691 shares during the last quarter. Finally, Public Sector Pension Investment Board boosted its position in shares of IAMGOLD by 0.9% during the third quarter. Public Sector Pension Investment Board now owns 987,468 shares of the mining company’s stock worth $2,140,000 after buying an additional 8,485 shares during the period. Institutional investors 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.