Short Interest in Iveco Group (OTCMKTS:IVCGF) Drops By 36.5%

Iveco Group (OTCMKTS:IVCGF) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 2,508,400 shares, a decline of 36.5% from the May 15th total of 3,947,200 shares. Based on an average daily volume of 9,600 shares, the short-interest ratio is currently 261.3 days.

Iveco Group Stock Up 1.5%

Shares of IVCGF stock traded up $0.28 during mid-day trading on Tuesday, hitting $18.70. 10,731 shares of the stock traded hands, compared to its average volume of 3,573. The company’s 50-day simple moving average is $17.51 and its 200-day simple moving average is $14.73. Iveco Group has a twelve month low of $9.16 and a twelve month high of $20.45.

Iveco Group declared that its Board of Directors has authorized a share buyback program on Thursday, May 15th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

About Iveco Group

Iveco Group N.V. engages in the design, production, marketing, sale, servicing, and financing of trucks, commercial vehicles, buses and specialty vehicles for firefighting, defense, and other applications worldwide. The company operates through three segments: Commercial and Specialty Vehicles, Powertrain, and Financial Services.