Kinross Gold (NYSE:KGC) Stock Gets Price Target Reduction from Canadian Imperial Bank of Commerce

Kinross Gold (NYSE:KGC) (TSE:K) had its target price decreased by analysts at Canadian Imperial Bank of Commerce from $34.00 to $33.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “outperformer” rating on the mining company’s stock. Canadian Imperial Bank of Commerce‘s price target points to a potential upside of 65.52% from the company’s current price.

A number of other research analysts have also weighed in on the company. TD reduced their price target on Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. RBC Dominion Securities set a $39.00 price target on shares of Kinross Gold and gave the stock an “outperform” rating in a research report on Thursday, October 22nd. Jefferies Financial Group cut their target price on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Bank of America reduced their target price on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Finally, TD Securities reduced their target price on shares of Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.98.

Kinross Gold Price Performance

Shares of Kinross Gold stock traded down $0.62 during trading on Tuesday, hitting $19.94. 4,420,853 shares of the company were exchanged, compared to its average volume of 9,178,464. Kinross Gold has a fifty-two week low of $19.70 and a fifty-two week high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average price of $26.20 and a 200 day moving average price of $28.78. The stock has a market capitalization of $23.49 billion, a price-to-earnings ratio of 7.51, a P/E/G ratio of 0.76 and a beta of 0.82.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, October 28th. The mining company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Kinross Gold had a return on equity of 33.61% and a net margin of 37.62%. On average, equities analysts expect that Kinross Gold will post 2.40 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently made changes to their positions in KGC. Ascentis Independent Advisors acquired a new position in shares of Kinross Gold in the 1st quarter valued at $29,000. Continuum Advisory LLC acquired a new position in shares of Kinross Gold during the second quarter worth approximately $26,000. Caitlin John LLC raised its position in shares of Kinross Gold by 42.1% during the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company’s stock valued at $32,000 after buying an additional 400 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Kinross Gold by 80.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company’s stock worth $41,000 after acquiring an additional 605 shares during the period. Finally, Archer Investment Corp acquired a new stake in Kinross Gold during the first quarter worth $46,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.