Zacks Investment Research cut shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Kinross swung to loss in fourth-quarter 2018. Nevertheless, adjusted earnings and sales topped their respective Zacks Consensus Estimate. The company is making steady progress in advancing the projects that provide it strong growth profile among leading gold producers. The Tasiast expansion is expected to contribute to growth in the future. Also, it is focused on managing costs and improving cash flow. However, Kinross remains exposed to a volatile gold price environment. The company needs to improve its reserve base significantly for future growth. Higher cost of sales is another concern. The company has also underperformed the industry it belongs to over a year.”
A number of other research firms have also commented on KGC. ValuEngine lowered shares of Kinross Gold from a buy rating to a hold rating in a research note on Saturday, January 5th. Beacon Securities restated a buy rating on shares of Kinross Gold in a research note on Monday, November 19th. Credit Suisse Group restated a hold rating and issued a $3.00 price objective on shares of Kinross Gold in a research note on Thursday, February 7th. Raymond James restated an outperform rating and issued a $4.50 price objective on shares of Kinross Gold in a research note on Thursday, February 14th. Finally, Royal Bank of Canada set a $4.00 price objective on shares of Kinross Gold and gave the company a hold rating in a research note on Wednesday, December 12th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Kinross Gold presently has a consensus rating of Hold and a consensus target price of $4.07.
Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, February 13th. The mining company reported $0.01 EPS for the quarter. The company had revenue of $786.50 million for the quarter, compared to analyst estimates of $761.30 million. Kinross Gold had a negative net margin of 0.73% and a positive return on equity of 2.78%. Kinross Gold’s quarterly revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 earnings per share. Equities analysts anticipate that Kinross Gold will post 0.13 earnings per share for the current year.
Several institutional investors have recently modified their holdings of KGC. Van ECK Associates Corp increased its stake in shares of Kinross Gold by 115.5% during the fourth quarter. Van ECK Associates Corp now owns 186,875,671 shares of the mining company’s stock worth $605,477,000 after acquiring an additional 100,146,473 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Kinross Gold by 280.0% during the third quarter. JPMorgan Chase & Co. now owns 33,706,930 shares of the mining company’s stock worth $91,009,000 after acquiring an additional 24,835,671 shares during the period. Norges Bank acquired a new position in shares of Kinross Gold during the fourth quarter worth about $47,922,000. Ruffer LLP increased its stake in shares of Kinross Gold by 25.1% during the fourth quarter. Ruffer LLP now owns 68,448,734 shares of the mining company’s stock worth $215,212,000 after acquiring an additional 13,729,045 shares during the period. Finally, Contrarius Investment Management Ltd increased its stake in shares of Kinross Gold by 88.7% during the fourth quarter. Contrarius Investment Management Ltd now owns 12,490,012 shares of the mining company’s stock worth $40,468,000 after acquiring an additional 5,871,061 shares during the period. Institutional investors and hedge funds own 60.20% of the company’s stock.
About Kinross Gold
Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, extraction, and processing of gold-containing ore. It also engages in the reclamation of gold mining properties; and production and sale of silver. The company's gold production and exploration activities are carried out principally in Canada, the United States, Russia, Brazil, Chile, Ghana, and Mauritania.
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