StockNews.com Downgrades Kinross Gold (NYSE:KGC) to Buy

Kinross Gold (NYSE:KGC) (TSE:K) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.

KGC has been the subject of a number of other reports. Scotiabank lifted their price target on Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. CIBC lifted their price target on Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Finally, Jefferies Financial Group lifted their price objective on Kinross Gold from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.50.

Kinross Gold Stock Down 1.0 %

Shares of NYSE KGC opened at $9.98 on Friday. The business has a fifty day moving average of $9.62 and a two-hundred day moving average of $8.59. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.27. Kinross Gold has a 52-week low of $4.75 and a 52-week high of $10.82. The stock has a market cap of $12.27 billion, a PE ratio of 24.34, a PEG ratio of 0.53 and a beta of 1.22.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the previous year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts expect that Kinross Gold will post 0.64 earnings per share for the current fiscal year.

Institutional Trading of Kinross Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KGC. Vanguard Group Inc. grew its position in shares of Kinross Gold by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock worth $278,486,000 after buying an additional 497,531 shares during the period. Boston Partners grew its position in shares of Kinross Gold by 7.9% during the 1st quarter. Boston Partners now owns 18,226,824 shares of the mining company’s stock worth $111,730,000 after buying an additional 1,328,372 shares during the period. Mackenzie Financial Corp grew its position in shares of Kinross Gold by 6.2% during the 2nd quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock worth $91,255,000 after buying an additional 643,013 shares during the period. National Bank of Canada FI grew its position in shares of Kinross Gold by 31.2% during the 2nd quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock worth $78,946,000 after buying an additional 2,267,999 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Kinross Gold by 25.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,758,027 shares of the mining company’s stock worth $72,867,000 after buying an additional 1,777,076 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.