Wall Street Zen Upgrades Kinross Gold (NYSE:KGC) to Strong-Buy

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

Other analysts have also issued research reports about the stock. Jefferies Financial Group reiterated a “buy” rating and set a $33.00 price target on shares of Kinross Gold in a research report on Sunday, December 7th. Desjardins initiated coverage on Kinross Gold in a research note on Friday, November 28th. They issued a “buy” rating on the stock. CIBC upped their price objective on Kinross Gold from $37.00 to $38.50 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Finally, Raymond James Financial lifted their target price on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $30.56.

Kinross Gold Stock Performance

NYSE KGC opened at $33.61 on Friday. The company has a quick ratio of 1.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $40.33 billion, a P/E ratio of 23.50, a P/E/G ratio of 0.38 and a beta of 0.75. The firm has a 50-day moving average price of $28.36 and a two-hundred day moving average price of $23.59. Kinross Gold has a 12-month low of $10.06 and a 12-month high of $34.02.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data 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 firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The company’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. Analysts anticipate that Kinross Gold will post 0.81 earnings per share for the current year.

Institutional Trading of Kinross Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in Kinross Gold by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after buying an additional 7,825,336 shares during the last quarter. Vanguard Group Inc. lifted its stake in Kinross Gold by 3.2% during the third quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company’s stock worth $1,259,280,000 after purchasing an additional 1,553,594 shares during the last quarter. Boston Partners boosted its holdings in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock valued at $1,133,463,000 after acquiring an additional 707,498 shares during the period. Norges Bank bought a new position in shares of Kinross Gold during the second quarter valued at about $389,025,000. Finally, Man Group plc raised its holdings in Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. 63.69% of the stock is owned by institutional investors.

About Kinross Gold

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.