Desjardins Initiates Coverage on Kinross Gold (NYSE:KGC)

Equities researchers at Desjardins initiated coverage on shares of Kinross Gold (NYSE:KGC) (TSE:K) in a report issued on Friday, MarketBeat.com reports. The firm set a “buy” rating on the mining company’s stock. Desjardins also issued estimates for Kinross Gold’s FY2027 earnings at $2.51 EPS.

Other analysts have also recently issued reports about the company. TD Securities upped their target price on Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. UBS Group boosted their price objective on Kinross Gold from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Cormark cut shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Finally, Raymond James Financial upped their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Buy” and an average target price of $27.69.

Kinross Gold Price Performance

NYSE KGC opened at $28.18 on Friday. The firm’s fifty day simple moving average is $24.82 and its two-hundred day simple moving average is $19.94. Kinross Gold has a 12-month low of $8.99 and a 12-month high of $28.33. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $34.02 billion, a P/E ratio of 22.73, a P/E/G ratio of 0.42 and a beta of 0.60.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Analysts forecast that Kinross Gold will post 0.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Kinross Gold

Hedge funds and other institutional investors have recently bought and sold shares of the company. CIBC Private Wealth Group LLC raised its position in Kinross Gold by 273.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 5,233 shares of the mining company’s stock worth $130,000 after buying an additional 3,830 shares during the last quarter. Tcfg Wealth Management LLC acquired a new position in shares of Kinross Gold during the third quarter worth about $338,000. Achmea Investment Management B.V. raised its holdings in Kinross Gold by 0.5% during the third quarter. Achmea Investment Management B.V. now owns 1,016,357 shares of the mining company’s stock worth $25,230,000 after purchasing an additional 5,200 shares in the last quarter. Coldstream Capital Management Inc. acquired a new stake in Kinross Gold in the third quarter valued at about $538,000. Finally, Aspire Private Capital LLC purchased a new stake in Kinross Gold in the 3rd quarter valued at approximately $205,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.