IAMGOLD Co. Experiences Significant Short Interest Increase

IAMGOLD Co. (NYSE:IAG - Get Free Report) and TSE: IMG has seen a notable increase in short interest during February. By February 28th, the total short interest reached 8,700,000 shares, marking a 35.1% rise from the 6,440,000 shares reported on February 13th. Currently, about 1.6% of IAMGOLD's shares are sold short. Given the average daily trading volume of 10,590,000 shares, the days-to-cover ratio stands at 0.8 days.

Recent Changes in Analyst Ratings

Several analysts have recently issued reports regarding IAMGOLD's stock. On December 2nd, CIBC upgraded IAMGOLD from a "neutral" rating to a "sector outperform" rating. On the same day, CIBC World Markets also changed their rating from "hold" to "strong-buy." Conversely, StockNews.com downgraded IAMGOLD from a "buy" rating to a "hold" rating on February 27th. Raymond James raised their rating from a "strong sell" to a "hold" on February 3rd. Presently, four analysts have given the stock a hold rating, five have recommended a buy, and one has issued a strong buy. According to MarketBeat, IAMGOLD currently holds an average rating of "Moderate Buy" with a consensus target price of $6.57.

Institutional Investor Activity

Recently, various institutional investors have adjusted their positions in IAMGOLD. RCF Management L.L.C. acquired a new stake valued at approximately $128,174,000 during the fourth quarter. Millennium Management LLC increased its ownership by 88.4%, now holding 10,330,194 shares valued at $53,307,000 after acquiring an additional 4,846,254 shares. FMR LLC raised its stake by 107.9% to own 8,819,600 shares worth $46,174,000 after purchasing 4,577,599 shares in the last quarter. Additionally, Two Sigma Advisers LP lifted its position by 58.8%, owning 10,083,115 shares valued at $52,735,000 following the acquisition of 3,732,315 shares. Bank of Montreal can also boosted its stake by 130.6%, holding 5,384,778 shares worth $28,385,000. Currently, institutional investors own 47.08% of IAMGOLD's stock.

IAMGOLD's Stock Performance

As of Friday, IAMGOLD (NYSE IAG) traded up by $0.14, reaching $5.91. The stock had a trading volume of 9,105,753 shares, compared to its average trading volume of 12,212,705. The company's 50-day moving average sits at $5.88, while the two-hundred day moving average is $5.50. IAMGOLD's stock has seen a low of $2.90 and a high of $6.69 over the past year. The company boasts a market cap of $3.38 billion, with a price-to-earnings ratio of 4.07 and a beta of 1.63. Their quick ratio is reported at 0.61, the current ratio at 0.89, and the debt-to-equity ratio at 0.24.

IAMGOLD last released its earnings report on February 20th, revealing earnings of $0.10 per share for the quarter. This fell short of analysts' consensus estimate of $0.15 by ($0.05). The company achieved a net margin of 50.19% and a return on equity of 10.64%, with total revenue recorded at $469.90 million against analyst expectations of $498.68 million. Analysts project that IAMGOLD will report earnings per share of 0.67 for the current year.

About IAMGOLD Corporation

IAMGOLD Corporation operates as an intermediate gold producer and developer through its various subsidiaries, primarily in Canada and Burkina Faso. The company has a 100% interest in the Westwood project, covering 1,925 hectares in Quebec; a 60% interest in the Côté gold project, spanning 596 square kilometers in Ontario, Canada; and a 90% interest in the Essakane project, which covers an area of 274,000 square kilometers in Burkina Faso.

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