Iamgold Corp (NYSE:IAG) Short Interest Up 9.4% in August

Iamgold Corp (NYSE:IAG) (TSE:IMG) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 6,053,400 shares, an increase of 9.4% from the July 31st total of 5,535,500 shares. Based on an average daily trading volume, of 5,910,000 shares, the days-to-cover ratio is currently 1.0 days. Currently, 1.3% of the company’s stock are short sold.

Several brokerages recently issued reports on IAG. CSFB cut shares of Iamgold from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $4.75 to $3.75 in a report on Thursday, August 8th. CIBC reiterated an “average” rating on shares of Iamgold in a research report on Sunday, August 4th. Royal Bank of Canada decreased their price target on shares of Iamgold from $5.00 to $3.25 and set a “sector perform” rating on the stock in a research report on Tuesday, May 21st. Canaccord Genuity reiterated a “hold” rating on shares of Iamgold in a research report on Friday, July 19th. Finally, GMP Securities downgraded shares of Iamgold from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Iamgold has an average rating of “Hold” and an average target price of $4.12.

Several large investors have recently modified their holdings of IAG. Moors & Cabot Inc. purchased a new position in shares of Iamgold during the 1st quarter worth about $34,000. Hellman Jordan Management Co. Inc. MA bought a new stake in Iamgold during the 1st quarter valued at about $45,000. Cetera Advisors LLC bought a new stake in Iamgold during the 2nd quarter valued at about $49,000. First Republic Investment Management Inc. bought a new stake in Iamgold during the 1st quarter valued at about $92,000. Finally, Clean Yield Group lifted its holdings in Iamgold by 168.8% during the 2nd quarter. Clean Yield Group now owns 43,000 shares of the mining company’s stock valued at $145,000 after buying an additional 27,000 shares in the last quarter. 57.30% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:IAG traded up $0.08 on Monday, reaching $3.33. The company’s stock had a trading volume of 450,662 shares, compared to its average volume of 4,660,125. Iamgold has a 52-week low of $2.28 and a 52-week high of $4.16. The company has a market cap of $1.52 billion, a P/E ratio of 55.58, a PEG ratio of 555.00 and a beta of 0.02. The company has a 50-day simple moving average of $3.61 and a 200 day simple moving average of $3.27. The company has a debt-to-equity ratio of 0.15, a quick ratio of 3.05 and a current ratio of 4.14.

Iamgold (NYSE:IAG) (TSE:IMG) last issued its quarterly earnings data on Wednesday, August 7th. The mining company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.02). Iamgold had a negative return on equity of 1.45% and a negative net margin of 9.84%. The business had revenue of $246.50 million during the quarter, compared to analysts’ expectations of $272.94 million. During the same period in the previous year, the business earned $0.03 earnings per share. The business’s quarterly revenue was down 11.1% on a year-over-year basis.

About Iamgold

IAMGOLD Corporation explores for, develops, and operates gold mining properties in North and South America, and West Africa. The company owns interests in the Rosebel mine located in Suriname, South America; the Essakane mine in Burkina Faso, West Africa; the Westwood mine in Quebec, Canada; and the Sadiola mine located in Mali, West Africa.

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