Kinross Gold (NYSE:KGC) Shares Gap Down Following Analyst Downgrade
by Amy Steele · The Cerbat GemKinross Gold Corporation (NYSE:KGC – Get Free Report) (TSE:K) gapped down before the market opened on Thursday after Scotiabank lowered their price target on the stock from $41.00 to $39.00. The stock had previously closed at $27.62, but opened at $26.23. Scotiabank currently has a sector outperform rating on the stock. Kinross Gold shares last traded at $24.7750, with a volume of 4,713,806 shares trading hands.
A number of other equities analysts have also recently weighed in on KGC. Jefferies Financial Group decreased their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 31st. Zacks Research raised shares of Kinross Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Royal Bank Of Canada cut their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Finally, Wall Street Zen cut shares of Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $38.14.
Check Out Our Latest Research Report on KGC
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in KGC. Ascentis Independent Advisors bought a new stake in shares of Kinross Gold during the 1st quarter valued at about $29,000. Continuum Advisory LLC bought a new position in Kinross Gold in the second quarter worth about $26,000. Caitlin John LLC lifted its holdings in Kinross Gold by 42.1% in the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company’s stock worth $32,000 after buying an additional 400 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Kinross Gold by 80.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company’s stock worth $41,000 after buying an additional 605 shares during the period. Finally, Manchester Capital Management LLC bought a new stake in Kinross Gold during the 4th quarter valued at approximately $40,000. 63.69% of the stock is owned by hedge funds and other institutional investors.
Kinross Gold Stock Performance
The company has a 50-day simple moving average of $27.63 and a two-hundred day simple moving average of $28.41. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The firm has a market capitalization of $29.45 billion, a P/E ratio of 9.42, a PEG ratio of 0.70 and a beta of 0.84.
Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last announced its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business’s revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.44 EPS. As a group, equities analysts forecast that Kinross Gold Corporation will post 2.56 EPS for the current year.
Kinross Gold Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a $0.04 dividend. The ex-dividend date was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Kinross Gold’s dividend payout ratio is 6.06%.
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.