Short Interest in IAMGOLD Co. (NYSE:IAG) Declines By 19.4%

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) saw a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 7,830,000 shares, a decline of 19.4% from the March 15th total of 9,720,000 shares. Based on an average daily volume of 12,810,000 shares, the short-interest ratio is currently 0.6 days. Currently, 1.4% of the shares of the stock are short sold.

IAMGOLD Stock Down 0.5 %

Shares of IAG stock traded down $0.04 during mid-day trading on Monday, hitting $7.79. The stock had a trading volume of 12,468,877 shares, compared to its average volume of 10,070,423. IAMGOLD has a 12-month low of $3.44 and a 12-month high of $8.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61. The firm’s 50-day moving average is $6.19 and its two-hundred day moving average is $5.75. The firm has a market capitalization of $4.48 billion, a P/E ratio of 5.37 and a beta of 1.52.

IAMGOLD (NYSE:IAG) (TSE:IMG) last announced its quarterly earnings results on Thursday, February 20th. The mining company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.05). The business had revenue of $469.90 million during the quarter, compared to analysts’ expectations of $498.68 million. IAMGOLD had a return on equity of 10.64% and a net margin of 50.19%. On average, analysts predict that IAMGOLD will post 0.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

IAG has been the subject of a number of recent research reports. BMO Capital Markets started coverage on shares of IAMGOLD in a research note on Wednesday, April 16th. They issued an “outperform” rating for the company. CIBC reaffirmed an “outperform” rating on shares of IAMGOLD in a research note on Thursday, March 20th. Scotiabank raised their price target on IAMGOLD from $6.75 to $7.50 and gave the stock a “sector perform” rating in a research report on Monday, April 14th. Raymond James reissued a “market perform” rating and issued a $8.00 target price on shares of IAMGOLD in a research note on Friday, April 4th. Finally, StockNews.com downgraded shares of IAMGOLD from a “buy” rating to a “hold” rating in a report on Thursday, February 27th. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.57.

Institutional Investors Weigh In On IAMGOLD

Hedge funds have recently made changes to their positions in the stock. Tobam bought a new stake in shares of IAMGOLD in the 4th quarter valued at about $25,000. Blue Trust Inc. lifted its holdings in shares of IAMGOLD by 157.1% during the 4th quarter. Blue Trust Inc. now owns 9,018 shares of the mining company’s stock valued at $47,000 after purchasing an additional 5,511 shares during the last quarter. Raab & Moskowitz Asset Management LLC purchased a new stake in IAMGOLD in the fourth quarter valued at about $56,000. Atria Wealth Solutions Inc. purchased a new position in shares of IAMGOLD in the 4th quarter valued at approximately $68,000. Finally, Alpha Omega Wealth Management LLC acquired a new stake in shares of IAMGOLD during the first quarter worth $75,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.