BMO Capital Markets Cuts Kinross Gold (TSE:K) Price Target to C$48.00

Kinross Gold (TSE:K) (NYSE:KGC) had its price objective lowered by BMO Capital Markets from C$49.00 to C$48.00 in a report released on Thursday morning,BayStreet reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts also recently issued reports on the company. Desjardins reduced their price objective on Kinross Gold from C$58.00 to C$53.00 and set a “buy” rating on the stock in a research note on Thursday. Jefferies Financial Group lowered their target price on Kinross Gold from C$41.00 to C$38.00 in a research report on Monday, July 6th. National Bank Financial cut their target price on shares of Kinross Gold from C$50.00 to C$47.50 and set an “outperform” rating for the company in a report on Friday, July 31st. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating and boosted their price target for the stock from C$41.00 to C$45.00 in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of C$47.64.

Kinross Gold Trading Up 2.8%

Shares of K stock opened at C$35.46 on Thursday. Kinross Gold has a 12-month low of C$30.93 and a 12-month high of C$53.57. The company has a current ratio of 2.89, a quick ratio of 1.11 and a debt-to-equity ratio of 7.65. The stock’s 50-day moving average price is C$38.60 and its 200-day moving average price is C$39.35. The stock has a market capitalization of C$42.34 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of -0.60 and a beta of 1.68.

Kinross Gold (TSE:K) (NYSE:KGC) last posted its earnings results on Wednesday, July 29th. The company reported C$1.01 EPS for the quarter. Kinross Gold had a return on equity of 35.91% and a net margin of 37.56%.The company had revenue of C$3.18 billion for the quarter. Equities research analysts predict that Kinross Gold will post 1.0071259 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Laurence Davies sold 1,335 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$38.48, for a total value of C$51,370.80. Following the completion of the sale, the insider directly owned 11,855 shares of the company’s stock, valued at C$456,180.40. This trade represents a 10.12% decrease in their position. Also, insider Daniel Fombonne sold 2,003 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$38.48, for a total value of C$77,075.44. Following the completion of the sale, the insider directly owned 16,155 shares of the company’s stock, valued at C$621,644.40. The trade was a 11.03% decrease in their ownership of the stock. Insiders have sold 33,338 shares of company stock valued at $1,351,546 over the last ninety days. 0.26% of the stock is owned by insiders.

About Kinross Gold

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia. The company has historically used acquisitions to fuel expansion into new regions and production growth.