Kinross Gold (NYSE:KGC) Rating Lowered to Strong Sell at Zacks Research

Kinross Gold (NYSE:KGC) (TSE:K) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. UBS Group decreased their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Scotiabank cut their target price on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research note on Tuesday. Royal Bank Of Canada reduced their target price on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Jefferies Financial Group lowered their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.31.

Kinross Gold Stock Up 1.8%

KGC stock opened at $23.89 on Monday. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $28.34 billion, a PE ratio of 10.12, a PEG ratio of 0.62 and a beta of 0.78. Kinross Gold has a 1-year low of $15.10 and a 1-year high of $39.11. The business’s 50 day simple moving average is $26.94 and its 200 day simple moving average is $30.48.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the business earned $0.30 EPS. The firm’s revenue for the quarter was up 60.8% on a year-over-year basis. As a group, research analysts anticipate that Kinross Gold will post 2.7 EPS for the current year.

Hedge Funds Weigh In On Kinross Gold

Institutional investors and hedge funds have recently modified their holdings of the business. TD Asset Management Inc grew its position in Kinross Gold by 4.7% during the fourth quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company’s stock worth $165,814,000 after buying an additional 261,861 shares in the last quarter. Man Group plc raised its holdings in Kinross Gold by 7.6% in the 4th quarter. Man Group plc now owns 12,526,669 shares of the mining company’s stock valued at $352,751,000 after acquiring an additional 882,373 shares in the last quarter. U S Global Investors Inc. raised its holdings in Kinross Gold by 95.4% in the 1st quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock valued at $5,962,000 after acquiring an additional 95,363 shares in the last quarter. Prospera Financial Services Inc raised its holdings in Kinross Gold by 369.0% in the 4th quarter. Prospera Financial Services Inc now owns 86,626 shares of the mining company’s stock valued at $2,439,000 after acquiring an additional 68,154 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its position in shares of Kinross Gold by 14.5% during the 4th quarter. CIBC Asset Management Inc now owns 5,452,170 shares of the mining company’s stock valued at $153,850,000 after acquiring an additional 692,176 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.