Kinross Gold (NYSE:KGC) Rating Lowered to Buy at StockNews.com

Kinross Gold (NYSE:KGC) (TSE:K) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Wednesday.

Several other equities research analysts have also issued reports on the stock. Scotiabank raised their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. CIBC increased their price objective on shares of Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group boosted their target price on Kinross Gold from $7.00 to $9.00 and gave the company a “hold” rating in a research report on Friday, July 12th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Kinross Gold has an average rating of “Moderate Buy” and a consensus target price of $9.33.

Kinross Gold Stock Up 0.7 %

Shares of NYSE KGC opened at $9.81 on Wednesday. The stock has a market capitalization of $12.06 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 0.55 and a beta of 1.23. Kinross Gold has a 12-month low of $4.32 and a 12-month high of $10.10. The company has a current ratio of 1.27, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $9.00 and its 200-day moving average price is $7.84.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 31st. The mining company reported $0.14 EPS for the quarter, topping 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 firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the business earned $0.14 EPS. The company’s quarterly revenue was up 11.6% on a year-over-year basis. On average, equities research analysts anticipate that Kinross Gold will post 0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Kinross Gold

A number of institutional investors and hedge funds have recently bought and sold shares of KGC. Truist Financial Corp grew its position in shares of Kinross Gold by 33.2% during the 2nd quarter. Truist Financial Corp now owns 161,900 shares of the mining company’s stock worth $1,347,000 after buying an additional 40,371 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Kinross Gold by 18.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock worth $119,000 after acquiring an additional 2,180 shares in the last quarter. Creative Planning increased its position in Kinross Gold by 48.6% during the 2nd quarter. Creative Planning now owns 64,256 shares of the mining company’s stock valued at $535,000 after purchasing an additional 21,004 shares during the period. Lighthouse Investment Partners LLC increased its position in Kinross Gold by 1,401.5% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 273,175 shares of the mining company’s stock valued at $2,273,000 after purchasing an additional 254,981 shares during the period. Finally, Mackenzie Financial Corp raised its holdings in shares of Kinross Gold by 6.2% in the 2nd quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock valued at $91,255,000 after purchasing an additional 643,013 shares in the last quarter. 63.69% of the stock is owned by institutional investors.

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.