UBS Group Cuts Kinross Gold (NYSE:KGC) Price Target to $37.00

Kinross Gold (NYSE:KGC) (TSE:K) had its price objective cut by UBS Group from $43.00 to $37.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the mining company’s stock.

Several other equities research analysts have also recently weighed in on KGC. Jefferies Financial Group reiterated a “buy” rating and set a $33.00 price target on shares of Kinross Gold in a research report on Sunday, December 7th. Royal Bank Of Canada upgraded Kinross Gold from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $36.00 to $45.00 in a research note on Thursday, March 12th. Scotiabank lifted their price target on Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. Finally, TD Securities decreased their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average price target of $38.81.

Kinross Gold Price Performance

Kinross Gold stock opened at $28.68 on Friday. The firm has a market capitalization of $34.35 billion, a P/E ratio of 14.63, a PEG ratio of 1.41 and a beta of 0.73. Kinross Gold has a one year low of $11.12 and a one year high of $39.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37. The business has a fifty day moving average price of $33.20 and a 200-day moving average price of $28.76.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.05 billion. Kinross Gold had a return on equity of 28.22% and a net margin of 33.90%.The firm’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. As a group, equities research analysts forecast that Kinross Gold will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Wednesday, March 11th were paid a $0.04 dividend. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 11th. Kinross Gold’s payout ratio is currently 8.16%.

Institutional Investors Weigh In On Kinross Gold

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Kinross Gold during the 2nd quarter valued at about $389,025,000. Van ECK Associates Corp lifted its position in Kinross Gold by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock worth $2,682,791,000 after buying an additional 7,825,336 shares during the last quarter. AQR Capital Management LLC boosted its stake in Kinross Gold by 4,443.4% in the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after buying an additional 6,590,380 shares in the last quarter. Man Group plc grew its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after acquiring an additional 5,411,491 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after acquiring an additional 3,617,320 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.