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

by · The Cerbat Gem

IAMGOLD Co. (NYSE:IAG – Get Free Report) (TSE:IMG) was the target of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 7,830,000 shares, a decrease of 19.4% from the March 15th total of 9,720,000 shares. Based on an average trading volume of 12,810,000 shares, the days-to-cover ratio is currently 0.6 days. Currently, 1.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in IAMGOLD by 27.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,289,000 shares of the mining company’s stock worth $6,654,000 after buying an additional 277,000 shares during the period. Cibc World Market Inc. raised its holdings in IAMGOLD by 54.0% in the 4th quarter. Cibc World Market Inc. now owns 5,119,599 shares of the mining company’s stock worth $26,452,000 after acquiring an additional 1,795,869 shares during the period. Triasima Portfolio Management inc. boosted its position in shares of IAMGOLD by 44.5% in the fourth quarter. Triasima Portfolio Management inc. now owns 352,315 shares of the mining company’s stock valued at $1,820,000 after acquiring an additional 108,524 shares during the period. JPMorgan Chase & Co. grew its position in IAMGOLD by 66.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,511,328 shares of the mining company’s stock worth $7,904,000 after purchasing an additional 604,259 shares during the last quarter. Finally, Atria Wealth Solutions Inc. bought a new position in IAMGOLD during the fourth quarter valued at about $68,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. National Bank Financial raised IAMGOLD to a “strong-buy” rating in a research report on Friday, March 21st. Raymond James reiterated a “market perform” rating and set a $8.00 target price on shares of IAMGOLD in a research note on Friday, April 4th. StockNews.com lowered IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. CIBC reissued an “outperform” rating on shares of IAMGOLD in a report on Thursday, March 20th. Finally, Scotiabank lifted their price target on shares of IAMGOLD from $6.75 to $7.50 and gave the company a “sector perform” rating in a research report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.57.

View Our Latest Research Report on IAMGOLD

IAMGOLD Stock Down 3.4 %

IAG stock traded down $0.28 during midday trading on Friday, hitting $7.82. 18,092,273 shares of the company’s stock were exchanged, compared to its average volume of 10,058,842. The stock has a market capitalization of $4.47 billion, a price-to-earnings ratio of 5.39 and a beta of 1.52. The firm has a 50 day moving average price of $6.19 and a 200-day moving average price of $5.74. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 0.24. IAMGOLD has a 12-month low of $3.44 and a 12-month high of $8.38.

IAMGOLD (NYSE:IAG – Get Free Report) (TSE:IMG) last issued its earnings results on Thursday, February 20th. The mining company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.05). The company had revenue of $469.90 million during the quarter, compared to analyst estimates of $498.68 million. IAMGOLD had a net margin of 50.19% and a return on equity of 10.64%. On average, analysts anticipate that IAMGOLD will post 0.67 EPS for the current year.

IAMGOLD Company Profile

(Get Free Report)

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.

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