Iamgold Corporation (IAG) Sees Large Decline in Short Interest

Iamgold Corporation (NYSE:IAG) (TSE:IMG) was the recipient of a significant drop in short interest in September. As of September 29th, there was short interest totalling 4,525,678 shares, a drop of 38.7% from the September 15th total of 7,384,151 shares. Based on an average daily trading volume, of 5,799,700 shares, the short-interest ratio is currently 0.8 days. Currently, 1.0% of the shares of the stock are sold short.

Large investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its holdings in Iamgold Corporation by 102.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 21,299 shares of the mining company’s stock valued at $110,000 after purchasing an additional 10,773 shares in the last quarter. Sprott Inc. purchased a new position in Iamgold Corporation in the 2nd quarter valued at about $114,000. Quantbot Technologies LP purchased a new position in Iamgold Corporation in the 2nd quarter valued at about $131,000. Comerica Bank lifted its holdings in Iamgold Corporation by 1.9% in the 1st quarter. Comerica Bank now owns 25,820 shares of the mining company’s stock valued at $104,000 after purchasing an additional 485 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Iamgold Corporation in the 2nd quarter valued at about $137,000. Institutional investors own 56.35% of the company’s stock.

Shares of Iamgold Corporation (NYSE IAG) opened at 5.74 on Monday. Iamgold Corporation has a 52-week low of $3.16 and a 52-week high of $7.25. The company’s 50-day moving average is $6.36 and its 200 day moving average is $5.26. The firm has a market capitalization of $2.67 billion, a PE ratio of 5.23 and a beta of -0.48.

Iamgold Corporation (NYSE:IAG) (TSE:IMG) last released its earnings results on Wednesday, August 9th. The mining company reported $0.01 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.01. The company had revenue of $274.50 million for the quarter, compared to analyst estimates of $267.07 million. Iamgold Corporation had a net margin of 46.75% and a return on equity of 1.43%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.01 EPS. Equities analysts expect that Iamgold Corporation will post $0.06 earnings per share for the current fiscal year.

Several equities analysts have recently weighed in on the stock. TheStreet raised shares of Iamgold Corporation from a “c-” rating to a “b” rating in a research note on Thursday, August 17th. ValuEngine raised shares of Iamgold Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 17th. Royal Bank Of Canada reissued a “hold” rating on shares of Iamgold Corporation in a research note on Wednesday, July 12th. Zacks Investment Research downgraded shares of Iamgold Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, CIBC raised shares of Iamgold Corporation from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $6.93 to $7.00 in a research note on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $7.17.

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About Iamgold Corporation

IAMGOLD Corporation (IAMGOLD) is engaged primarily in the exploration for, and the development and production of, mineral resource properties throughout the world. Through its holdings, IAMGOLD has interests in various operations, exploration and development properties. IAMGOLD is a mid-tier mining company with approximately four operating gold mines on over three continents.

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