Kinross Gold (NYSE:KGC) Shares Down 5.7% Following Weak Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s stock price traded down 5.7% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $11.47 and last traded at $11.46. 4,762,137 shares were traded during mid-day trading, a decline of 77% from the average session volume of 21,134,719 shares. The stock had previously closed at $12.15.

The mining company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. One analyst has rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $11.13.

Hedge Funds Weigh In On Kinross Gold

A number of hedge funds have recently bought and sold shares of KGC. Van ECK Associates Corp increased its holdings in shares of Kinross Gold by 62.2% during the fourth quarter. Van ECK Associates Corp now owns 116,323,261 shares of the mining company’s stock worth $1,078,330,000 after purchasing an additional 44,610,091 shares during the period. Vanguard Group Inc. raised its stake in Kinross Gold by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 47,365,206 shares of the mining company’s stock valued at $439,881,000 after purchasing an additional 763,248 shares in the last quarter. Norges Bank acquired a new position in shares of Kinross Gold in the 4th quarter valued at approximately $280,697,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Kinross Gold by 10.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,665,537 shares of the mining company’s stock valued at $136,028,000 after buying an additional 1,398,225 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Kinross Gold by 15.4% during the 4th quarter. JPMorgan Chase & Co. now owns 13,438,786 shares of the mining company’s stock worth $124,578,000 after acquiring an additional 1,793,065 shares during the period. 63.69% of the stock is owned by institutional investors.

Kinross Gold Price Performance

The firm has a market capitalization of $14.10 billion, a P/E ratio of 18.88, a PEG ratio of 0.67 and a beta of 1.24. The company has a quick ratio of 0.63, a current ratio of 1.61 and a debt-to-equity ratio of 0.18. The business’s 50 day moving average is $10.33 and its 200-day moving average is $9.80.

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.