IAMGOLD Co. (NYSE:IAG) Sees Large Growth in Short Interest

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was the recipient of a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 9,060,000 shares, a growth of 56.5% from the September 30th total of 5,790,000 shares. Based on an average daily volume of 9,390,000 shares, the days-to-cover ratio is currently 1.0 days. Approximately 1.6% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. ORG Partners LLC acquired a new position in shares of IAMGOLD during the third quarter valued at $29,000. Eastern Bank acquired a new position in IAMGOLD during the third quarter worth about $30,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in IAMGOLD by 3.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 306,980 shares of the mining company’s stock worth $1,154,000 after acquiring an additional 8,972 shares during the period. Continuum Advisory LLC grew its holdings in IAMGOLD by 92.9% during the second quarter. Continuum Advisory LLC now owns 20,450 shares of the mining company’s stock worth $77,000 after acquiring an additional 9,850 shares during the period. Finally, TIAA Trust National Association acquired a new position in IAMGOLD during the second quarter worth about $38,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. 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, October 22nd. National Bank Financial upgraded IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. StockNews.com upgraded IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. Finally, CIBC raised their target price on IAMGOLD from $5.40 to $6.40 and gave the company a “neutral” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.07.

IAMGOLD Stock Performance

IAG stock opened at $5.77 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 23.08 and a beta of 1.59. IAMGOLD has a 1 year low of $2.11 and a 1 year high of $6.37. The stock’s fifty day moving average is $5.20 and its two-hundred day moving average is $4.38.

IAMGOLD (NYSE:IAG) (TSE:IMG) last issued 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 for the quarter. IAMGOLD had a return on equity of 6.70% and a net margin of 10.36%. During the same period last year, the business posted ($0.01) earnings per share. On average, research analysts predict that IAMGOLD will post 0.51 EPS for the current year.

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.