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

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

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

Kinross Gold Price Performance

Shares of KGC opened at $9.98 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.27. The stock has a 50 day simple moving average of $9.62 and a 200 day simple moving average of $8.59. Kinross Gold has a 52-week low of $4.75 and a 52-week high of $10.82. The firm has a market capitalization of $12.27 billion, a PE ratio of 24.34, a P/E/G ratio of 0.53 and a beta of 1.22.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.20 billion. During the same period in the previous year, the firm earned $0.14 EPS. Kinross Gold’s quarterly revenue was up 11.6% compared to the same quarter last year. Sell-side analysts predict that Kinross Gold will post 0.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Kinross Gold

Institutional investors have recently bought and sold shares of the company. Artemis Investment Management LLP raised its stake in shares of Kinross Gold by 321.5% during the 2nd quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock worth $55,707,000 after purchasing an additional 5,107,120 shares in the last quarter. First Eagle Investment Management LLC bought a new stake in shares of Kinross Gold during the 1st quarter worth approximately $23,907,000. Allspring Global Investments Holdings LLC raised its stake in shares of Kinross Gold by 634.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,942,042 shares of the mining company’s stock worth $36,971,000 after purchasing an additional 3,405,478 shares in the last quarter. National Bank of Canada FI raised its stake 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 purchasing an additional 2,267,999 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Kinross Gold by 64.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,749,480 shares of the mining company’s stock worth $29,115,000 after purchasing an additional 1,856,478 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

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.