Scotiabank Cuts Kinross Gold (NYSE:KGC) Price Target to $39.00

Kinross Gold (NYSE:KGC) (TSE:K) had its price objective decreased by research analysts at Scotiabank from $41.00 to $39.00 in a report released on Thursday, Benzinga reports. The firm presently has a “sector outperform” rating on the mining company’s stock. Scotiabank’s target price points to a potential upside of 41.23% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. UBS Group reduced their target price on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Royal Bank Of Canada lowered their price objective on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Weiss Ratings cut shares of Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Finally, Jefferies Financial Group decreased their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.14.

Kinross Gold Stock Down 3.8%

Shares of KGC opened at $27.61 on Thursday. Kinross Gold has a fifty-two week low of $22.01 and a fifty-two week high of $39.11. The firm has a market cap of $32.71 billion, a PE ratio of 10.46, a price-to-earnings-growth ratio of 0.70 and a beta of 0.84. 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 company’s fifty day moving average is $27.63 and its two-hundred day moving average is $28.41.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The firm’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.44 earnings per share. Analysts forecast that Kinross Gold will post 2.56 earnings per share for the current year.

Hedge Funds Weigh In On Kinross Gold

Hedge funds have recently bought and sold shares of the business. Andra AP fonden lifted its position in Kinross Gold by 10.0% during the 2nd quarter. Andra AP fonden now owns 867,872 shares of the mining company’s stock worth $20,499,000 after acquiring an additional 78,900 shares during the last quarter. Baird Financial Group Inc. bought a new stake in shares of Kinross Gold during the second quarter valued at approximately $995,000. Nykredit A S acquired a new position in shares of Kinross Gold in the second quarter valued at $10,711,000. Allianz Asset Management GmbH boosted its stake in Kinross Gold by 17.0% during the second quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company’s stock worth $227,141,000 after buying an additional 1,395,576 shares in the last quarter. Finally, Corient Private Wealth LP lifted its holdings in shares of Kinross Gold by 2.0% during the 2nd quarter. Corient Private Wealth LP now owns 53,928 shares of the mining company’s stock worth $1,274,000 after acquiring an additional 1,064 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company’s operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.