National Bank Financial Comments on IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Analysts at National Bank Financial decreased their FY2024 earnings per share (EPS) estimates for IAMGOLD in a research note issued on Tuesday, October 22nd. National Bank Financial analyst M. Parkin now forecasts that the mining company will earn $0.63 per share for the year, down from their prior estimate of $0.66. National Bank Financial currently has a “Outperform” rating on the stock. The consensus estimate for IAMGOLD’s current full-year earnings is $0.49 per share. National Bank Financial also issued estimates for IAMGOLD’s FY2025 earnings at $0.89 EPS.

IAMGOLD (NYSE:IAG) (TSE:IMG) last released its quarterly earnings results on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. The company had revenue of $385.30 million during the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same quarter last year, the business posted ($0.01) earnings per share.

A number of other research analysts have also issued reports on IAG. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 price target on shares of IAMGOLD in a research note on Tuesday. Scotiabank raised their target price on IAMGOLD from $4.75 to $5.50 and gave the stock a “sector perform” rating in a research note on Monday, August 19th. StockNews.com upgraded IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and raised their price objective for the stock from $7.75 to $10.50 in a research note on Tuesday. Finally, CIBC upped their target price on IAMGOLD from $5.40 to $6.40 and gave the company a “neutral” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.07.

IAMGOLD Stock Performance

IAG opened at $6.00 on Friday. The firm’s 50-day moving average price is $5.19 and its 200-day moving average price is $4.36. The company has a market cap of $3.41 billion, a P/E ratio of 21.41 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 52-week low of $2.11 and a 52-week high of $6.37.

Institutional Trading of IAMGOLD

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Helikon Investments Ltd grew its stake in shares of IAMGOLD by 250.5% during the 1st quarter. Helikon Investments Ltd now owns 32,861,554 shares of the mining company’s stock worth $109,429,000 after purchasing an additional 23,485,183 shares during the period. Van ECK Associates Corp lifted its stake in shares of IAMGOLD by 8.2% in the 1st quarter. Van ECK Associates Corp now owns 52,053,035 shares of the mining company’s stock valued at $173,340,000 after purchasing an additional 3,935,250 shares during the period. BNP Paribas Financial Markets grew its position in IAMGOLD by 326.7% during the first quarter. BNP Paribas Financial Markets now owns 609,440 shares of the mining company’s stock valued at $2,029,000 after buying an additional 466,620 shares during the period. Headlands Technologies LLC purchased a new position in IAMGOLD in the first quarter valued at $389,000. Finally, Vanguard Group Inc. increased its holdings in IAMGOLD by 1.0% in the first quarter. Vanguard Group Inc. now owns 17,678,843 shares of the mining company’s stock valued at $58,871,000 after buying an additional 168,302 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.