Kinross Gold (NYSE:KGC) Shares Down 5.7% on Disappointing Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s share price fell 5.7% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $11.47 and last traded at $11.46. 4,762,137 shares changed hands during 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 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Kinross Gold

Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its position in shares of Kinross Gold by 62.2% during the 4th 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 in the last quarter. Vanguard Group Inc. grew 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 acquiring an additional 763,248 shares during the period. Norges Bank acquired a new position in shares of Kinross Gold during the fourth quarter worth approximately $280,697,000. Connor Clark & Lunn Investment Management Ltd. grew its position in 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 purchasing an additional 1,398,225 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Kinross Gold by 15.4% during the 4th quarter. JPMorgan Chase & Co. now owns 13,438,786 shares of the mining company’s stock valued at $124,578,000 after purchasing an additional 1,793,065 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Stock Performance

The stock has a market cap of $14.10 billion, a price-to-earnings ratio of 18.88, a P/E/G ratio of 0.67 and a beta of 1.24. The company’s fifty day simple moving average is $10.33 and its two-hundred day simple moving average is $9.80. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63.

Kinross Gold Company Profile

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.