Kinross Gold (TSE:K) Sets New 52-Week Low – Here’s What Happened

Kinross Gold Co. (TSE:K) (NYSE:KGC)’s stock price hit a new 52-week low during trading on Friday. The stock traded as low as C$30.77 and last traded at C$30.77, with a volume of 419,896 shares changing hands. The stock had previously closed at C$31.73.

Analysts Set New Price Targets

A number of research firms recently weighed in on K. Jefferies Financial Group reduced their price objective on shares of Kinross Gold from C$41.00 to C$38.00 in a research report on Monday, July 6th. Desjardins dropped their target price on Kinross Gold from C$58.00 to C$53.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating and boosted their target price for the company from C$41.00 to C$45.00 in a research report on Friday, July 31st. National Bank Financial cut their target price on Kinross Gold from C$45.00 to C$42.50 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, BMO Capital Markets reduced their price target on Kinross Gold from C$49.00 to C$48.00 and set an “outperform” rating on the stock in a report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Kinross Gold has a consensus rating of “Buy” and an average price target of C$48.58.

Kinross Gold Stock Performance

The company has a quick ratio of 1.11, a current ratio of 2.89 and a debt-to-equity ratio of 7.65. The business has a 50 day simple moving average of C$38.18 and a two-hundred day simple moving average of C$38.28. The firm has a market cap of C$37.36 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of -0.60 and a beta of 1.75.

Kinross Gold (TSE:K) (NYSE:KGC) last released its earnings results on Wednesday, July 29th. The company reported C$1.01 earnings per share for the quarter. The business had revenue of C$3.18 billion during the quarter. Kinross Gold had a return on equity of 35.91% and a net margin of 37.56%. As a group, equities research analysts forecast that Kinross Gold Co. will post 1.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William D. Dunford sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of C$40.77, for a total value of C$1,223,100.00. Following the transaction, the insider owned 27,374 shares of the company’s stock, valued at C$1,116,037.98. This trade represents a 52.29% decrease in their position. Also, insider Laurence Davies sold 1,335 shares of Kinross Gold stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$38.48, for a total transaction of C$51,370.80. Following the sale, the insider owned 11,855 shares of the company’s stock, valued at C$456,180.40. The trade was a 10.12% decrease in their position. Insiders have sold 33,338 shares of company stock valued at $1,351,546 in the last 90 days. Company insiders own 0.26% of the company’s stock.

About Kinross Gold

Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).