What is Scotiabank’s Estimate for IAMGOLD FY2024 Earnings?

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

Several other brokerages have also recently commented on IAG. Canaccord Genuity Group raised IAMGOLD from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a research note on Wednesday, January 1st. Cibc World Mkts raised IAMGOLD from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating and boosted their price target for the stock from $7.75 to $10.50 in a research report on Tuesday, October 22nd. Finally, CIBC upgraded shares of IAMGOLD from a “neutral” rating to a “sector outperform” rating in a research report on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.68.

IAMGOLD Stock Up 3.5 %

IAG stock opened at $5.67 on Friday. The firm’s 50-day moving average is $5.37 and its two-hundred day 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. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 4.43 and a beta of 1.56. IAMGOLD has a 52 week low of $2.23 and a 52 week high of $6.37.

Hedge Funds Weigh In On IAMGOLD

A number of large investors have recently made changes to their positions in the business. Millennium Management LLC grew its position in IAMGOLD by 194.2% during the second quarter. Millennium Management LLC now owns 7,884,544 shares of the mining company’s stock valued at $29,573,000 after purchasing an additional 5,204,715 shares in the last quarter. FMR LLC boosted its stake in shares of IAMGOLD by 107.9% during the 3rd quarter. FMR LLC now owns 8,819,600 shares of the mining company’s stock valued at $46,174,000 after buying an additional 4,577,599 shares during the period. Van ECK Associates Corp boosted its stake in shares of IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after buying an additional 4,267,084 shares during the period. Two Sigma Advisers LP grew its holdings in shares of IAMGOLD by 58.8% during the 3rd quarter. Two Sigma Advisers LP now owns 10,083,115 shares of the mining company’s stock valued at $52,735,000 after acquiring an additional 3,732,315 shares in the last quarter. Finally, Bank of Montreal Can increased its stake in shares of IAMGOLD by 130.6% in the third quarter. Bank of Montreal Can now owns 5,384,778 shares of the mining company’s stock worth $28,385,000 after acquiring an additional 3,049,252 shares during the last quarter. Institutional investors and hedge funds 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.