IAMGOLD Co. (NYSE:IAG) Sees Significant Growth in Short Interest

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) was the target of a significant growth in short interest in December. As of December 15th, there was short interest totalling 6,820,000 shares, a growth of 23.3% from the November 30th total of 5,530,000 shares. Based on an average daily trading volume, of 8,150,000 shares, the days-to-cover ratio is currently 0.8 days. Currently, 1.2% of the company’s shares are sold short.

IAMGOLD Stock Performance

NYSE:IAG traded up $0.07 during midday trading on Tuesday, reaching $5.13. 1,793,730 shares of the company traded hands, compared to its average volume of 8,741,797. IAMGOLD has a twelve month low of $2.23 and a twelve month high of $6.37. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 4.01 and a beta of 1.56. 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 company has a fifty day moving average price of $5.43 and a 200 day moving average price of $4.88.

Wall Street Analyst Weigh In

IAG has been the subject of several recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $6.00 price objective on shares of IAMGOLD in a research note on Tuesday, October 22nd. Canaccord Genuity Group upgraded IAMGOLD from a “hold” rating to a “buy” rating and raised their price target for the stock from $7.75 to $10.50 in a research note on Tuesday, October 22nd. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Cibc World Mkts upgraded shares of IAMGOLD from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Finally, National Bank Financial raised IAMGOLD from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.68.

Hedge Funds Weigh In On IAMGOLD

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in shares of IAMGOLD during the 3rd quarter valued at about $29,000. Eastern Bank acquired a new position in shares of IAMGOLD in the 3rd quarter worth approximately $30,000. TIAA Trust National Association bought a new stake in shares of IAMGOLD during the second quarter worth $38,000. WINTON GROUP Ltd acquired a new stake in IAMGOLD in the 2nd quarter valued at about $52,000. Finally, Banque Cantonale Vaudoise acquired a new position in IAMGOLD during the 2nd quarter worth $56,000. 47.08% of the stock is owned by 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.