Scotiabank Issues Optimistic Estimate for IAMGOLD Earnings

IAMGOLD Co. (NYSE:IAG - Free Report) TSE: IMG - Stock analysts at Scotiabank upped their FY2024 EPS estimates for IAMGOLD in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now anticipates that the mining company will earn $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.

A number of other research analysts have also weighed in on IAG. StockNews.com lowered IAMGOLD from a "buy" rating to a "hold" rating in a report on Wednesday, January 1st. National Bank Financial upgraded shares of IAMGOLD from a "sector perform" rating to an "outperform" rating in a report on Thursday, October 10th. Cibc World Mkts raised shares of IAMGOLD from a "hold" rating to a "strong-buy" rating in a report on Monday, December 2nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a "hold" rating to a "buy" rating in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $6.00 price target on shares of IAMGOLD in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $6.68.

IAMGOLD Stock Performance

NYSE IAG traded up $0.02 on Friday, hitting $5.67. 12,281,200 shares of the company's stock were exchanged, compared to its average volume of 9,746,215. 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 firm's 50-day moving average price is $5.37 and its two-hundred day moving average price is $4.97. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of 4.43 and a beta of 1.56. IAMGOLD has a fifty-two week low of $2.23 and a fifty-two week high of $6.37.

Institutional Investors Weigh In On IAMGOLD

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in shares of IAMGOLD by 66.6% in the third quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company's stock worth $7,904,000 after acquiring an additional 604,259 shares during the last quarter. Virtu Financial LLC acquired a new stake in shares of IAMGOLD during the third quarter valued at $267,000. Toronto Dominion Bank increased its position in IAMGOLD by 15.6% during the 3rd quarter. Toronto Dominion Bank now owns 274,377 shares of the mining company's stock worth $1,435,000 after purchasing an additional 37,005 shares in the last quarter. Geode Capital Management LLC raised its stake in IAMGOLD by 2.7% in the 3rd quarter. Geode Capital Management LLC now owns 264,288 shares of the mining company's stock valued at $1,392,000 after purchasing an additional 6,874 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in IAMGOLD in the 3rd quarter valued at about $1,083,000. 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.