IAMGOLD Co. (NYSE:IAG) Sees Large Decrease in Short Interest

IAMGOLD Co. (NYSE:IAG) (TSE:IMG) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 6,240,000 shares, a drop of 8.5% from the December 15th total of 6,820,000 shares. Currently, 1.1% of the shares of the company are short sold. Based on an average daily volume of 7,810,000 shares, the days-to-cover ratio is currently 0.8 days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on IAG shares. CIBC raised IAMGOLD from a “neutral” rating to a “sector outperform” rating in a report on Monday, December 2nd. StockNews.com downgraded IAMGOLD from a “buy” rating to a “hold” rating in a report on Wednesday, January 15th. Raymond James cut their price target on IAMGOLD from $6.50 to $6.00 and set an “underperform” rating for the company in a research note on Wednesday, January 15th. Canaccord Genuity Group upgraded shares of IAMGOLD from a “hold” rating to a “buy” rating in a research note on Tuesday, October 22nd. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $6.00 target price on shares of IAMGOLD in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, IAMGOLD presently has an average rating of “Moderate Buy” and an average target price of $6.57.

IAMGOLD Price Performance

Shares of NYSE:IAG opened at $5.60 on Monday. The company has a market capitalization of $3.20 billion, a P/E ratio of 4.37 and a beta of 1.56. IAMGOLD has a 1-year low of $2.23 and a 1-year high of $6.37. The firm’s 50 day simple moving average is $5.39 and its two-hundred day simple moving average is $5.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.89 and a quick ratio of 0.61.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BNP Paribas Financial Markets lifted its position in shares of IAMGOLD by 368.1% in the third quarter. BNP Paribas Financial Markets now owns 1,521,670 shares of the mining company’s stock valued at $7,772,000 after acquiring an additional 1,196,564 shares in the last quarter. Semanteon Capital Management LP purchased a new position in IAMGOLD in the 3rd quarter worth approximately $503,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in IAMGOLD by 158.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,636,087 shares of the mining company’s stock worth $24,301,000 after purchasing an additional 2,839,556 shares during the period. Van ECK Associates Corp grew its holdings in IAMGOLD by 8.8% during the 3rd quarter. Van ECK Associates Corp now owns 52,894,690 shares of the mining company’s stock valued at $276,639,000 after buying an additional 4,267,084 shares in the last quarter. Finally, U S Global Investors Inc. raised its position in shares of IAMGOLD by 241.6% during the third quarter. U S Global Investors Inc. now owns 854,114 shares of the mining company’s stock valued at $4,467,000 after buying an additional 604,114 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.