Dominion Diamond Corporation (NYSE:DDC) Sees Large Increase in Short Interest

Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) saw a large growth in short interest in the month of September. As of September 29th, there was short interest totalling 6,371,843 shares, a growth of 58.7% from the September 15th total of 4,014,608 shares. Currently, 8.0% of the shares of the company are sold short. Based on an average daily volume of 934,429 shares, the days-to-cover ratio is currently 6.8 days.

Dominion Diamond Corporation (NYSE DDC) opened at 14.17 on Friday. The stock’s 50 day moving average is $14.18 and its 200-day moving average is $13.45. Dominion Diamond Corporation has a 52-week low of $8.29 and a 52-week high of $14.23. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 20.42 and a beta of 0.44.

Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) last posted its quarterly earnings data on Wednesday, September 6th. The basic materials company reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.03). The company had revenue of $239.78 million for the quarter. Dominion Diamond Corporation had a return on equity of 3.36% and a net margin of 8.54%. Equities research analysts anticipate that Dominion Diamond Corporation will post $1.12 EPS for the current fiscal year.

Dominion Diamond Corporation announced that its Board of Directors has approved a share buyback plan on Monday, July 17th that allows the company to repurchase shares. This repurchase authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of the company. K2 Principal Fund L.P. raised its position in shares of Dominion Diamond Corporation by 27.2% in the second quarter. K2 Principal Fund L.P. now owns 3,291,733 shares of the basic materials company’s stock valued at $41,344,000 after buying an additional 703,183 shares during the last quarter. PSquared Asset Management AG grew its holdings in shares of Dominion Diamond Corporation by 13.0% in the third quarter. PSquared Asset Management AG now owns 3,139,625 shares of the basic materials company’s stock valued at $44,520,000 after purchasing an additional 360,445 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Dominion Diamond Corporation by 0.8% in the second quarter. Renaissance Technologies LLC now owns 2,673,198 shares of the basic materials company’s stock valued at $33,575,000 after purchasing an additional 21,800 shares during the period. Vanguard Group Inc. grew its holdings in shares of Dominion Diamond Corporation by 2.8% in the second quarter. Vanguard Group Inc. now owns 1,652,716 shares of the basic materials company’s stock valued at $20,758,000 after purchasing an additional 45,091 shares during the period. Finally, FMR LLC grew its holdings in shares of Dominion Diamond Corporation by 8.5% in the first quarter. FMR LLC now owns 1,320,385 shares of the basic materials company’s stock valued at $16,701,000 after purchasing an additional 103,800 shares during the period. Institutional investors and hedge funds own 59.40% of the company’s stock.

A number of equities research analysts recently commented on DDC shares. Scotiabank cut shares of Dominion Diamond Corporation from a “sector perform” rating to a “tender” rating and set a $14.25 price target on the stock. in a report on Thursday, September 14th. BMO Capital Markets cut shares of Dominion Diamond Corporation from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 18th. BidaskClub upgraded shares of Dominion Diamond Corporation from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Royal Bank Of Canada lifted their price objective on shares of Dominion Diamond Corporation from $13.00 to $14.25 and gave the company a “sector perform” rating in a research note on Wednesday, July 19th. Finally, Gabelli lowered shares of Dominion Diamond Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $15.75.

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Dominion Diamond Corporation Company Profile

Dominion Diamond Corp is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company’s segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine.

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