IAMGOLD Co. (NYSE:IAG) Sees Significant Increase in Short Interest

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totalling 9,270,000 shares, an increase of 54.5% from the April 15th total of 6,000,000 shares. Based on an average daily trading volume, of 9,140,000 shares, the short-interest ratio is currently 1.0 days. Approximately 1.9% of the company’s stock are sold short.

Institutional Trading of IAMGOLD

A number of large investors have recently modified their holdings of IAG. Euro Pacific Asset Management LLC boosted its stake in shares of IAMGOLD by 48.1% during the fourth quarter. Euro Pacific Asset Management LLC now owns 2,727,065 shares of the mining company’s stock valued at $6,898,000 after purchasing an additional 885,697 shares in the last quarter. Intact Investment Management Inc. bought a new position in shares of IAMGOLD in the 3rd quarter worth $916,000. Donald Smith & CO. Inc. lifted its stake in shares of IAMGOLD by 13.9% during the 4th quarter. Donald Smith & CO. Inc. now owns 35,778,309 shares of the mining company’s stock worth $90,519,000 after purchasing an additional 4,358,444 shares during the last quarter. Sprott Inc. grew its stake in IAMGOLD by 888.7% in the third quarter. Sprott Inc. now owns 1,279,400 shares of the mining company’s stock valued at $2,751,000 after purchasing an additional 1,150,000 shares during the last quarter. Finally, Qube Research & Technologies Ltd raised its holdings in IAMGOLD by 54.5% in the third quarter. Qube Research & Technologies Ltd now owns 976,698 shares of the mining company’s stock worth $2,100,000 after purchasing an additional 344,691 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on IAG shares. Scotiabank increased their price objective on shares of IAMGOLD from $3.75 to $4.25 and gave the company a “sector perform” rating in a research report on Monday. BMO Capital Markets upped their price objective on IAMGOLD from $4.00 to $4.25 and gave the company an “outperform” rating in a research report on Friday, April 5th. National Bank Financial reissued a “sector perform spec overwgt” rating on shares of IAMGOLD in a research report on Monday, April 8th. CIBC upped their price target on shares of IAMGOLD from $3.00 to $3.10 and gave the company a “neutral” rating in a research report on Wednesday, February 7th. Finally, StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a report on Friday, April 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $3.62.

IAMGOLD Trading Up 5.5 %

NYSE:IAG traded up $0.23 during midday trading on Tuesday, hitting $4.44. 11,194,373 shares of the company traded hands, compared to its average volume of 8,933,080. The company has a current ratio of 0.91, a quick ratio of 0.55 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average is $3.50 and its 200-day moving average is $2.84. The firm has a market capitalization of $2.21 billion, a P/E ratio of 15.86, a P/E/G ratio of 0.77 and a beta of 1.68. IAMGOLD has a 12-month low of $1.99 and a 12-month high of $4.46.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings data on Thursday, May 9th. The mining company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.09. The company had revenue of $338.90 million for the quarter. IAMGOLD had a net margin of 12.48% and a return on equity of 3.17%. During the same period last year, the company earned $0.05 earnings per share. On average, sell-side analysts predict that IAMGOLD will post 0.14 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.