Desjardins Has Lowered Expectations for Kinross Gold (TSE:K) Stock Price

Key Points

• Desjardins cut Kinross Gold’s price target from C$58 to C$53 while maintaining a “buy” rating, implying 55.11% upside from the previous close.
• Kinross shares fell 12.2% to C$34.17, below both their 50-day and 200-day moving averages. Despite the decline, analysts maintain a consensus “Buy” rating with an average C$47.64 target.
• The company reported C$1.01 quarterly EPS and C$3.18 billion in revenue, while insiders sold approximately C$1.35 million worth of shares over the past 90 days.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC had its target price decreased by stock analysts at Desjardins from C$58.00 to C$53.00 in a report released on Thursday, BayStreet reports. The firm presently has a "buy" rating on the stock. Desjardins' target price would indicate a potential upside of 55.11% from the company's previous close.

Several other research analysts also recently commented on the stock. Jefferies Financial Group decreased their target price on shares of Kinross Gold from C$41.00 to C$38.00 in a research note on Monday, July 6th. ATB Cormark Capital Markets raised shares of Kinross Gold from a "hold" rating to a "moderate buy" rating and raised their price target for the stock from C$41.00 to C$45.00 in a report on Friday, July 31st. Finally, National Bank Financial decreased their price objective on shares of Kinross Gold from C$50.00 to C$47.50 and set an "outperform" rating on the stock in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of C$47.64.

Kinross Gold Trading Down 12.2%

TSE K traded down C$4.74 during trading on Thursday, hitting C$34.17. 4,304,052 shares of the company's stock traded hands, compared to its average volume of 3,756,096. The stock has a fifty day moving average of C$38.48 and a two-hundred day moving average of C$39.44. Kinross Gold has a 12-month low of C$30.93 and a 12-month high of C$53.57. The firm has a market cap of C$40.80 billion, a P/E ratio of 12.99, a PEG ratio of -0.60 and a beta of 1.68. The company has a debt-to-equity ratio of 7.65, a current ratio of 2.89 and a quick ratio of 1.11.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC last issued its earnings results on Wednesday, July 29th. The company reported C$1.01 earnings per share for the quarter. The company had revenue of C$3.18 billion during the quarter. Kinross Gold had a return on equity of 35.91% and a net margin of 37.56%. As a group, sell-side analysts expect that Kinross Gold will post 1.0071259 EPS for the current year.

Insider Transactions at Kinross Gold

In other news, insider Daniel Fombonne sold 2,003 shares of Kinross Gold stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$38.48, for a total transaction of C$77,075.44. Following the sale, the insider owned 16,155 shares of the company's stock, valued at approximately C$621,644.40. The trade was a 11.03% decrease in their position. Also, insider William D. Dunford sold 30,000 shares of the business's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of C$40.77, for a total transaction of C$1,223,100.00. Following the transaction, the insider owned 27,374 shares in the company, valued at C$1,116,037.98. This represents a 52.29% decrease in their position. In the last ninety days, insiders sold 33,338 shares of company stock valued at $1,351,546. Company insiders own 0.26% of the company's stock.

Kinross Gold Company Profile

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia. The company has historically used acquisitions to fuel expansion into new regions and production growth.

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