Kinross Gold (KGC) Lifted to “Strong-Buy” at Zacks Investment Research

Kinross Gold (NYSE:KGC) (TSE:K) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage currently has a $4.50 target price on the mining company’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.21% from the company’s previous close.

According to Zacks, “Kinross has outperformed the industry it belongs to over a year. Kinross is making steady progress in advancing the projects that give it a strong growth profile among leading gold producers. The Tasiast expansion is expected to significantly contribute to the company’s future growth. The company also remains focused on managing costs and improving cash flow.”

A number of other research firms have also weighed in on KGC. Macquarie upgraded shares of Kinross Gold from a “neutral” rating to an “outperform” rating and dropped their target price for the stock from $4.40 to $4.37 in a report on Friday, November 10th. TD Securities set a $6.00 target price on shares of Kinross Gold and gave the stock a “buy” rating in a report on Thursday, October 19th. Jefferies Group set a $4.00 target price on shares of Kinross Gold and gave the stock a “hold” rating in a report on Thursday, October 19th. BMO Capital Markets set a $5.00 target price on shares of Kinross Gold and gave the stock a “buy” rating in a report on Tuesday, December 19th. Finally, Royal Bank of Canada set a $5.00 target price on shares of Kinross Gold and gave the stock a “buy” rating in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Kinross Gold presently has a consensus rating of “Hold” and a consensus target price of $4.83.

Kinross Gold (NYSE KGC) traded down $0.06 during midday trading on Tuesday, reaching $3.94. 3,540,290 shares of the company’s stock traded hands, compared to its average volume of 10,987,563. The company has a current ratio of 3.96, a quick ratio of 2.18 and a debt-to-equity ratio of 0.39. Kinross Gold has a twelve month low of $3.15 and a twelve month high of $4.91. The stock has a market capitalization of $4,838.36, a price-to-earnings ratio of 39.40 and a beta of 0.24.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allianz Asset Management GmbH increased its stake in shares of Kinross Gold by 8.2% during the fourth quarter. Allianz Asset Management GmbH now owns 2,261,848 shares of the mining company’s stock valued at $9,785,000 after purchasing an additional 171,274 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Kinross Gold by 7.5% during the fourth quarter. Mackenzie Financial Corp now owns 5,311,792 shares of the mining company’s stock valued at $22,947,000 after purchasing an additional 370,273 shares in the last quarter. Spark Investment Management LLC bought a new position in shares of Kinross Gold during the fourth quarter valued at approximately $1,966,000. Tower Research Capital LLC TRC increased its stake in shares of Kinross Gold by 32.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 133,974 shares of the mining company’s stock valued at $727,000 after purchasing an additional 33,161 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in shares of Kinross Gold by 11.7% during the fourth quarter. UBS Asset Management Americas Inc. now owns 4,443,595 shares of the mining company’s stock valued at $19,222,000 after purchasing an additional 464,578 shares in the last quarter. Institutional investors and hedge funds own 55.89% of the company’s stock.

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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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