Short Interest in IAMGOLD Co. (NYSE:IAG) Increases By 5.1%

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) saw a significant increase in short interest in August. As of August 31st, there was short interest totalling 4,540,000 shares, an increase of 5.1% from the August 15th total of 4,320,000 shares. Approximately 0.8% of the company’s shares are sold short. Based on an average daily trading volume, of 8,750,000 shares, the short-interest ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IAG shares. BMO Capital Markets reissued an “outperform” rating and issued a $5.00 price target on shares of IAMGOLD in a research note on Thursday, June 6th. Scotiabank raised their target price on shares of IAMGOLD from $4.75 to $5.50 and gave the company a “sector perform” rating in a research note on Monday, August 19th. StockNews.com raised shares of IAMGOLD from a “sell” rating to a “hold” rating in a research note on Saturday, August 17th. Finally, CIBC raised their target price on shares of IAMGOLD from $4.90 to $5.40 and gave the company a “neutral” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, IAMGOLD has a consensus rating of “Hold” and a consensus target price of $4.73.

IAMGOLD Price Performance

Shares of NYSE IAG opened at $5.46 on Tuesday. IAMGOLD has a fifty-two week low of $1.99 and a fifty-two week high of $5.56. The company has a 50 day simple moving average of $4.54 and a two-hundred day simple moving average of $3.96. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 19.50 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.90 and a current ratio of 1.34.

IAMGOLD (NYSE:IAG) (TSE:IMG) last posted its quarterly earnings results on Thursday, August 8th. The mining company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. IAMGOLD had a net margin of 10.36% and a return on equity of 6.70%. The firm had revenue of $385.30 million for the quarter. During the same quarter in the previous year, the company earned ($0.01) EPS. Analysts expect that IAMGOLD will post 0.41 EPS for the current fiscal year.

Institutional Investors Weigh In On IAMGOLD

A number of institutional investors have recently made changes to their positions in IAG. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of IAMGOLD during the fourth quarter valued at approximately $33,000. Norges Bank purchased a new stake in shares of IAMGOLD during the fourth quarter valued at approximately $8,642,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of IAMGOLD during the fourth quarter valued at approximately $29,000. Helikon Investments Ltd purchased a new stake in shares of IAMGOLD during the fourth quarter valued at approximately $23,722,000. Finally, Edmond DE Rothschild Holding S.A. grew its holdings in shares of IAMGOLD by 35.0% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 270,000 shares of the mining company’s stock valued at $681,000 after buying an additional 70,000 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.