IAMGOLD Co. (NYSE:IAG – Get Rating) (TSE:IMG) saw a large decline in short interest during the month of December. As of December 15th, there was short interest totalling 7,450,000 shares, a decline of 64.9% from the November 30th total of 21,250,000 shares. Based on an average trading volume of 6,200,000 shares, the short-interest ratio is currently 1.2 days. Approximately 1.7% of the company’s shares are sold short.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. CIBC upgraded IAMGOLD from a “sector underperform” rating to a “neutral” rating and set a $2.10 price target for the company in a report on Tuesday, December 20th. Bank of America upgraded IAMGOLD from an “underperform” rating to a “buy” rating and dropped their price objective for the stock from $2.10 to $1.65 in a report on Wednesday, October 19th. National Bank Financial upped their price objective on IAMGOLD from C$2.50 to C$3.75 in a report on Thursday, December 22nd. Canaccord Genuity Group upgraded IAMGOLD from a “sell” rating to a “hold” rating and upped their price objective for the stock from $1.50 to $3.00 in a report on Tuesday, December 20th. Finally, Raymond James upped their price objective on IAMGOLD from $1.75 to $2.00 and gave the stock an “underperform” rating in a report on Wednesday, December 21st. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.63.
Institutional Investors Weigh In On IAMGOLD
A number of hedge funds have recently made changes to their positions in the business. Sun Valley Gold LLC bought a new position in IAMGOLD in the 1st quarter valued at about $17,891,000. Russell Investments Group Ltd. increased its stake in shares of IAMGOLD by 153.4% during the second quarter. Russell Investments Group Ltd. now owns 7,159,076 shares of the mining company’s stock valued at $11,524,000 after acquiring an additional 4,333,539 shares during the period. Kopernik Global Investors LLC raised its holdings in IAMGOLD by 35.7% during the first quarter. Kopernik Global Investors LLC now owns 10,512,493 shares of the mining company’s stock worth $36,583,000 after purchasing an additional 2,767,673 shares in the last quarter. P Schoenfeld Asset Management LP lifted its position in IAMGOLD by 19.8% in the first quarter. P Schoenfeld Asset Management LP now owns 12,255,094 shares of the mining company’s stock worth $42,648,000 after purchasing an additional 2,028,800 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in IAMGOLD by 416.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,430,863 shares of the mining company’s stock valued at $8,459,000 after purchasing an additional 1,960,562 shares in the last quarter. Institutional investors own 48.57% of the company’s stock.
IAMGOLD Price Performance
NYSE IAG traded up $0.08 during trading hours on Thursday, reaching $2.57. The company’s stock had a trading volume of 9,647,021 shares, compared to its average volume of 7,040,251. The business has a 50-day simple moving average of $1.88 and a 200 day simple moving average of $1.56. IAMGOLD has a 52 week low of $0.92 and a 52 week high of $3.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.31 and a current ratio of 2.00.
IAMGOLD (NYSE:IAG – Get Rating) (TSE:IMG) last released its quarterly earnings data on Tuesday, November 8th. The mining company reported ($0.03) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.03). The business had revenue of $343.30 million during the quarter. IAMGOLD had a positive return on equity of 2.18% and a negative net margin of 21.69%. As a group, equities research analysts expect that IAMGOLD will post -0.02 earnings per share for the current year.
About IAMGOLD
IAMGOLD Corporation, through its subsidiaries, explores, develops, and operates gold mining properties in North America, South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine situated in Burkina Faso and Boto gold project located in Senegal, West Africa; and Westwood mine, covers an area of 1,925 hectare and located in Quebec and the Côté gold project, which covers an area of 586 square kilometer located in Ontario, Canada.