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

IAMGOLD Co. (NYSE:IAG - Get Free Report) (TSE: IMG) has seen a significant rise in short interest throughout February. As of February 28th, the total short interest reached 8,700,000 shares, marking an increase of 35.1% from the 6,440,000 shares reported on February 13th. This surge means that about 1.6% of the company's stock is currently sold short. With an average daily trading volume of 10,590,000 shares, the short-interest ratio stands at 0.8 days.

Analyst Ratings Overview

IAG has garnered attention from various research analysts. CIBC upgraded IAMGOLD from a "neutral" rating to a "sector outperform" rating in a report dated December 2nd. Also on December 2nd, CIBC World Markets raised IAMGOLD from a "hold" to a "strong buy" rating. However, StockNews.com shifted the rating from "buy" to "hold" on February 27th. Additionally, Raymond James lifted IAMGOLD from a "strong sell" rating to a "hold" rating in early February. Currently, four analysts recommend holding the stock, five suggest buying it, and one gives it a strong buy rating. According to MarketBeat, IAMGOLD holds an average rating of "Moderate Buy" with a target price consensus of $6.57.

Institutional Investors' Perspectives on IAMGOLD

Several hedge funds and institutional investors have recently adjusted their positions in IAMGOLD. RCF Management L.L.C. made a notable investment, acquiring a new stake worth approximately $128,174,000 in the fourth quarter. Millennium Management LLC also increased its holding by 88.4% during the same period. It now holds 10,330,194 shares valued at $53,307,000 after adding 4,846,254 shares to its portfolio. Moreover, FMR LLC elevated its stake by 107.9% in the previous quarter to own 8,819,600 shares worth $46,174,000. Two Sigma Advisers LP increased its position by 58.8% in the third quarter, holding 10,083,115 shares valued at $52,735,000. Finally, Bank of Montreal has boosted its stake by 130.6%, now owning 5,384,778 shares worth roughly $28,385,000. Overall, institutional investors currently control 47.08% of IAMGOLD's stock.

IAMGOLD's Stock Performance

On the trading day preceding this report, IAMGOLD (NYSE:IAG - Get Free Report) traded at $5.91, an increase of $0.14. The trading volume for the day was 9,105,753 shares, which is lower than the average volume of 12,212,705. The stock’s 50-day moving average is $5.88, while its 200-day moving average is $5.50. In the past year, the stock reached a low of $2.90 and a high of $6.69. With a market capitalization of $3.38 billion, IAMGOLD's price-to-earnings ratio is currently 4.07, and it has a beta of 1.63. The company's quick ratio is 0.61, the current ratio is 0.89, and it maintains a debt-to-equity ratio of 0.24.

IAG recently announced its earnings results on February 20th, reporting an earnings per share (EPS) of $0.10 for the quarter, which fell short of the consensus estimate of $0.15 by $0.05. Despite this, IAMGOLD achieved a net margin of 50.19% and a return on equity of 10.64%. The company's revenue for the quarter was $469.90 million, compared to analyst expectations of $498.68 million. Analysts predict IAMGOLD will deliver an EPS of 0.67 for the current fiscal year.

About IAMGOLD

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

IAMGOLD, stocks, shortinterest