Wall Street Zen Downgrades Kinross Gold (NYSE:KGC) to Buy

Kinross Gold (NYSE:KGC) (TSE:K) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Sunday.

KGC has been the subject of several other reports. Cormark lowered Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Desjardins started coverage on Kinross Gold in a research note on Friday. They issued a “buy” rating for the company. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research report on Friday, October 31st. Scotiabank reiterated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Finally, TD Securities increased their target price on shares of Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $27.69.

Kinross Gold Trading Up 2.7%

KGC opened at $28.18 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. Kinross Gold has a fifty-two week low of $8.99 and a fifty-two week high of $28.33. The company’s 50 day moving average price is $24.82 and its two-hundred day moving average price is $19.94. The firm has a market capitalization of $34.02 billion, a price-to-earnings ratio of 22.73, a PEG ratio of 0.42 and a beta of 0.60.

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

Hedge Funds Weigh In On Kinross Gold

Several institutional investors have recently added to or reduced their stakes in KGC. Caitlin John LLC acquired a new stake in shares of Kinross Gold during the 3rd quarter worth approximately $26,000. Virtus Advisers LLC bought a new position in Kinross Gold during the third quarter worth $28,000. GPS Wealth Strategies Group LLC acquired a new stake in Kinross Gold in the third quarter worth $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Kinross Gold in the third quarter valued at $31,000. Finally, Harvest Fund Management Co. Ltd increased its stake in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares in the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Company Profile

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.