Cormark Has Positive Outlook for IAMGOLD FY2024 Earnings

IAMGOLD Co. (TSE:IMG) (NYSE:IAG) – Analysts at Cormark boosted their FY2024 earnings per share estimates for IAMGOLD in a research note issued to investors on Monday, November 11th. Cormark analyst R. Gray now forecasts that the mining company will post earnings per share of $0.86 for the year, up from their prior estimate of $0.68. The consensus estimate for IAMGOLD’s current full-year earnings is $1.11 per share. Cormark also issued estimates for IAMGOLD’s FY2026 earnings at $1.90 EPS.

Several other analysts also recently weighed in on the stock. National Bank Financial raised shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 9th. National Bankshares upped their target price on IAMGOLD from C$11.00 to C$12.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Stifel Nicolaus raised their target price on IAMGOLD from C$6.00 to C$9.00 in a research note on Monday, October 21st. Royal Bank of Canada downgraded IAMGOLD from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, September 10th. Finally, Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of C$7.29.

IAMGOLD Stock Performance

IMG opened at C$6.96 on Thursday. The company has a market cap of C$3.97 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of -0.28 and a beta of 1.47. The company has a quick ratio of 1.19, a current ratio of 1.34 and a debt-to-equity ratio of 35.17. The firm’s 50-day moving average price is C$7.25 and its 200-day moving average price is C$6.21. IAMGOLD has a 52-week low of C$2.87 and a 52-week high of C$8.80.

Insider Activity

In other news, Director Renaud Adams bought 36,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The stock was purchased at an average cost of C$6.95 per share, for a total transaction of C$250,102.80. Also, Senior Officer Bruno Lemelin sold 14,000 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of C$7.09, for a total transaction of C$99,206.80. Insiders own 0.10% 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.