Dominion Diamond Corp. (NYSE:DDC) was the recipient of a large drop in short interest in September. As of September 15th, there was short interest totalling 436,040 shares, a drop of 40.2% from the August 31st total of 728,588 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 633,905 shares, the days-to-cover ratio is presently 0.7 days.
Shares of Dominion Diamond Corp. (NYSE:DDC) opened at 8.81 on Friday. The stock’s market cap is $747.48 million. The stock’s 50 day moving average is $8.92 and its 200 day moving average is $9.89. Dominion Diamond Corp. has a 52-week low of $7.27 and a 52-week high of $12.65.
Dominion Diamond Corp. (NYSE:DDC) last issued its quarterly earnings results on Thursday, September 8th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.33. Dominion Diamond Corp. had a negative return on equity of 1.08% and a negative net margin of 9.79%. The firm had revenue of $160 million for the quarter, compared to analyst estimates of $196.50 million. During the same quarter last year, the firm earned ($0.21) earnings per share. The company’s revenue was down 23.7% compared to the same quarter last year. On average, equities analysts expect that Dominion Diamond Corp. will post $0.27 earnings per share for the current fiscal year.
The company also recently declared a semiannual dividend, which will be paid on Thursday, November 3rd. Stockholders of record on Tuesday, October 11th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, October 6th. This represents a dividend yield of 4.77%. Dominion Diamond Corp.’s dividend payout ratio (DPR) is -52.63%.
DDC has been the topic of a number of research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $18.00 price target (down from $22.00) on shares of Dominion Diamond Corp. in a research note on Wednesday, August 24th. Zacks Investment Research lowered shares of Dominion Diamond Corp. from a “hold” rating to a “sell” rating in a research note on Friday, September 23rd. RBC Capital Markets reissued a “sector perform” rating on shares of Dominion Diamond Corp. in a research note on Friday, September 30th. TheStreet lowered shares of Dominion Diamond Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, September 14th. Finally, Barclays PLC raised shares of Dominion Diamond Corp. from an “equal weight” rating to an “overweight” rating and set a $11.40 target price on the stock in a research note on Wednesday, September 21st. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $14.13.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Schonfeld Strategic Advisors LLC purchased a new position in shares of Dominion Diamond Corp. during the first quarter worth about $131,000. Paloma Partners Management Co bought a new position in shares of Dominion Diamond Corp. during the second quarter valued at $109,000. Sterling Capital Management LLC bought a new position in shares of Dominion Diamond Corp. during the second quarter valued at $118,000. Timber Hill LLC bought a new position in shares of Dominion Diamond Corp. during the second quarter valued at $138,000. Finally, Legal & General Group Plc raised its position in shares of Dominion Diamond Corp. by 103.5% in the second quarter. Legal & General Group Plc now owns 16,848 shares of the company’s stock valued at $148,000 after buying an additional 8,568 shares during the last quarter. Institutional investors and hedge funds own 38.22% of the company’s stock.
About Dominion Diamond Corp.
Dominion Diamond Corporation 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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