Scotiabank Has Positive Estimate for IAMGOLD FY2024 Earnings

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) – Analysts at Scotiabank increased their FY2024 EPS estimates for IAMGOLD in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now expects that the mining company will post earnings of $0.54 per share for the year, up from their previous forecast of $0.45. The consensus estimate for IAMGOLD’s current full-year earnings is $0.58 per share.

Several other equities analysts have also weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a report on Tuesday, October 22nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and boosted their target price for the stock from $7.75 to $10.50 in a report on Tuesday, October 22nd. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Finally, CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research note on Monday, December 2nd. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.68.

IAMGOLD Stock Up 3.5 %

IAMGOLD stock opened at $5.67 on Friday. The company has a market capitalization of $3.24 billion, a P/E ratio of 4.43 and a beta of 1.56. IAMGOLD has a 1-year low of $2.23 and a 1-year high of $6.37. The firm’s fifty day simple moving average is $5.37 and its 200-day simple moving average is $4.96. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24.

Institutional Trading of IAMGOLD

Several hedge funds and other institutional investors have recently bought and sold shares of IAG. TD Asset Management Inc grew its position in IAMGOLD by 14.3% during the second quarter. TD Asset Management Inc now owns 1,431,397 shares of the mining company’s stock worth $5,377,000 after buying an additional 178,548 shares in the last quarter. American Century Companies Inc. lifted its position in shares of IAMGOLD by 28.6% in the 2nd quarter. American Century Companies Inc. now owns 5,708,298 shares of the mining company’s stock worth $21,423,000 after acquiring an additional 1,270,608 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of IAMGOLD during the 2nd quarter worth approximately $52,000. Dimensional Fund Advisors LP increased its position in shares of IAMGOLD by 18.8% during the second 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 period. Finally, XTX Topco Ltd bought a new stake in shares of IAMGOLD during the second quarter valued at approximately $241,000. 47.08% of the stock is currently 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.