Kinross Gold Co. (KGC) Stock Rating Upgraded by Bank of America Corp
Kinross Gold Co. (NYSE:KGC) (TSE:K) was upgraded by research analysts at Bank of America Corp from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday.
A number of other analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Kinross Gold from a “hold” rating to a “sell” rating in a research note on Monday, January 30th. Deutsche Bank AG reduced their price objective on shares of Kinross Gold from $4.00 to $3.80 and set a “hold” rating for the company in a research note on Tuesday, March 21st. TD Securities raised shares of Kinross Gold from a “buy” rating to an “action list buy” rating and set a $5.50 price objective for the company in a research note on Wednesday, May 10th. Credit Suisse Group AG reissued a “hold” rating and issued a $5.00 price objective on shares of Kinross Gold in a research note on Thursday, April 27th. Finally, Jefferies Group LLC increased their price objective on shares of Kinross Gold from $3.50 to $4.00 and gave the stock a “hold” rating in a research note on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Kinross Gold has a consensus rating of “Hold” and a consensus target price of $4.68.
Shares of Kinross Gold (NYSE:KGC) remained flat at $4.23 during midday trading on Tuesday. 4,255,214 shares of the company traded hands. The company’s 50-day moving average price is $3.79 and its 200-day moving average price is $3.57. Kinross Gold has a 52-week low of $2.88 and a 52-week high of $5.81. The stock’s market capitalization is $5.27 billion.
Kinross Gold (NYSE:KGC) last announced its earnings results on Tuesday, May 2nd. The mining company reported $0.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.01. Kinross Gold had a negative net margin of 26.82% and a positive return on equity of 1.23%. The business had revenue of $796.10 million during the quarter, compared to analysts’ expectations of $790.06 million. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities analysts predict that Kinross Gold will post $0.06 earnings per share for the current year.
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Large investors have recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in shares of Kinross Gold by 13.8% in the third quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 10,525,678 shares of the mining company’s stock valued at $58,207,000 after buying an additional 1,273,400 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Kinross Gold during the fourth quarter valued at $22,916,000. Oxford Asset Management increased its stake in shares of Kinross Gold by 2,241.0% in the fourth quarter. Oxford Asset Management now owns 1,762,179 shares of the mining company’s stock valued at $5,480,000 after buying an additional 1,686,904 shares in the last quarter. Credit Agricole S A increased its stake in shares of Kinross Gold by 297.8% in the fourth quarter. Credit Agricole S A now owns 3,278,178 shares of the mining company’s stock valued at $10,195,000 after buying an additional 2,454,052 shares in the last quarter. Finally, Investec Asset Management LTD increased its stake in shares of Kinross Gold by 3.4% in the fourth quarter. Investec Asset Management LTD now owns 6,734,340 shares of the mining company’s stock valued at $20,986,000 after buying an additional 223,216 shares in the last quarter. 60.70% of the stock is currently owned by institutional investors and hedge funds.
About Kinross Gold
Kinross Gold Corporation is a gold mining company. The Company is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. The Company’s segments include Fort Knox, Round Mountain, Bald Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Maricunga, Tasiast and Chirano.
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