Kinross Gold (NYSE:KGC) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen downgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a strong-buy rating to a buy rating in a research note published on Saturday morning.

KGC has been the subject of a number of other research reports. Royal Bank Of Canada increased their target price on shares of Kinross Gold from $14.00 to $19.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 4th. Canaccord Genuity Group increased their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Zacks Research cut shares of Kinross Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 1st. Jefferies Financial Group raised shares of Kinross Gold from a “hold” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Finally, National Bankshares reissued an “outperform” rating on shares of Kinross Gold in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Kinross Gold presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Kinross Gold Stock Up 5.4%

KGC opened at $23.46 on Friday. The firm has a market cap of $28.44 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 0.76 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The firm’s 50-day simple moving average is $19.18 and its 200-day simple moving average is $15.87. Kinross Gold has a twelve month low of $8.99 and a twelve month high of $23.65.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.11. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm’s revenue for the quarter was up 41.7% on a year-over-year basis. During the same quarter last year, the company posted $0.14 EPS. Equities research analysts anticipate that Kinross Gold will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a $0.03 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio is 9.68%.

Hedge Funds Weigh In On Kinross Gold

Institutional investors and hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its stake in shares of Kinross Gold by 95.7% in the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock valued at $87,639,000 after acquiring an additional 3,398,687 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in Kinross Gold by 8.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company’s stock worth $2,204,000 after purchasing an additional 18,135 shares during the period. Edmond DE Rothschild Holding S.A. lifted its position in Kinross Gold by 21.9% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock worth $4,076,000 after purchasing an additional 57,966 shares during the period. Sprott Inc. lifted its position in Kinross Gold by 1.7% during the first quarter. Sprott Inc. now owns 2,932,567 shares of the mining company’s stock worth $36,976,000 after purchasing an additional 48,905 shares during the period. Finally, Artemis Investment Management LLP lifted its position in Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company’s stock worth $86,718,000 after purchasing an additional 5,400,447 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.