IAMGOLD Co. (NYSE:IAG) Experiences Notable Rise in Short Interest

IAMGOLD Co. (NYSE:IAG - Get Free Report) and TSE: IMG recently saw a significant increase in short interest throughout February. By February 28th, the total short interest reached 8,700,000 shares, marking a dramatic rise of 35.1% compared to the 6,440,000 shares recorded on February 13th. Currently, approximately 1.6% of the company's stock is sold short. Given the average daily trading volume of 10,590,000 shares, the short-interest ratio stands at a mere 0.8 days.

Analyst Rating Changes

IAMGOLD has drawn attention from several research analysts recently. CIBC upgraded IAMGOLD from a "neutral" rating to a "sector outperform" rating in their report dated December 2nd. Similarly, CIBC World Markets elevated IAMGOLD from a "hold" rating to a "strong buy" rating on the same day. On February 27th, StockNews.com downgraded IAMGOLD from a "buy" rating to a "hold" rating. In a prior report on February 3rd, Raymond James improved IAMGOLD's rating from "strong sell" to "hold." The overall outlook from analysts shows four analysts rating the stock as a hold, five giving it a buy rating, and one analyst providing a strong buy recommendation. According to data from MarketBeat, IAMGOLD has an average rating of "Moderate Buy" along with a consensus target price of $6.57.

Institutional Investor Activity

Recent activities from various hedge funds and institutional investors have led to notable modifications in their holdings of IAMGOLD. In the fourth quarter, RCF Management, L.L.C. took a new position in IAMGOLD valued at approximately $128,174,000. Meanwhile, Millennium Management LLC increased their stake in IAMGOLD by an impressive 88.4%, now owning 10,330,194 shares worth about $53,307,000 after acquiring an additional 4,846,254 shares in that period. FMR LLC raised its holdings by 107.9%, increasing their ownership to 8,819,600 shares valued at $46,174,000 after purchasing an extra 4,577,599 shares. Additionally, Two Sigma Advisers LP boosted its position by 58.8% during the third quarter, bringing its total to 10,083,115 shares worth $52,735,000. Lastly, Bank of Montreal Can enhanced its stake by 130.6%, now holding 5,384,778 shares valued at $28,385,000. Currently, institutional investors own 47.08% of IAMGOLD's stock.

Performance of IAMGOLD Stock

On the NYSE, IAMGOLD (IAG) experienced a slight increase of $0.14, reaching $5.91 on the latest trading day. The trading volume was recorded at 9,105,753 shares, which is less than the average volume of 12,212,705 shares. The company's 50-day moving average stands at $5.88 while the 200-day moving average is $5.50. Over the past year, IAMGOLD shares have hit a low of $2.90 and a high of $6.69. The company is valued at $3.38 billion, holds a price-to-earnings ratio of 4.07, and has a beta value of 1.63. Financial ratios show a quick ratio of 0.61, a current ratio of 0.89, and a debt-to-equity ratio of 0.24.

On February 20th, IAMGOLD released its latest earnings results. The company reported an earnings per share (EPS) of $0.10, which was below the consensus estimate of $0.15, missing by $0.05. IAMGOLD maintained a net margin of 50.19% and a return on equity of 10.64%. The reported revenue for the quarter was $469.90 million, in contrast to analyst expectations of $498.68 million. For the current year, analysts estimate IAMGOLD will achieve earnings per share of 0.67.

About IAMGOLD

IAMGOLD Corporation operates as an intermediate gold producer and developer through its subsidiaries in Canada and Burkina Faso. The company has a 100% stake in the Westwood project covering 1,925 hectares located in Quebec, a 60% interest in the Côté gold project that spans 596 square kilometers in Ontario, Canada, and a 90% stake in the Essakane project that covers 274,000 square kilometers situated in Burkina Faso.

IAMGOLD, stocks, investment