Wall Street Zen Downgrades Kinross Gold (NYSE:KGC) to Buy

Kinross Gold (NYSE:KGC) (TSE:K) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Sunday.

Other equities analysts also recently issued reports about the stock. Canaccord Genuity Group increased their price target on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, August 7th. UBS Group upped their target price on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. TD Securities increased their target price on Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. CIBC raised their target price on Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Finally, Desjardins began coverage on Kinross Gold in a research note on Friday. They issued a “buy” rating on the stock. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Kinross Gold has a consensus rating of “Buy” and a consensus price target of $27.94.

Kinross Gold Price Performance

KGC opened at $28.33 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The stock has a market capitalization of $34.20 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The stock’s 50 day moving average price is $24.90 and its 200-day moving average price is $20.08. Kinross Gold has a 52-week low of $8.99 and a 52-week high of $28.81.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, equities research analysts predict that Kinross Gold will post 0.81 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Kinross Gold in the 2nd quarter worth approximately $389,025,000. Boston Partners boosted its position in Kinross Gold by 36.5% during the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock worth $632,797,000 after acquiring an additional 12,705,061 shares during the period. Van ECK Associates Corp grew its stake in shares of Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock worth $2,682,791,000 after purchasing an additional 7,825,336 shares in the last quarter. Man Group plc increased its holdings in shares of Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after purchasing an additional 3,617,320 shares during the period. 63.69% of the stock is owned by hedge funds and other 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.