Kinross Gold (NYSE:KGC) Stock Price Target Cut by Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce lowered Kinross Gold’s price target from $34 to $33 while maintaining an “outperformer” rating, implying 65.52% upside from the prior close.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $37.98; other firms recently adjusted targets but largely retained Buy or Outperform ratings.
• Kinross reported quarterly EPS of $0.50, beating estimates of $0.46, though revenue of $1.75 billion fell short of the $1.94 billion consensus estimate. Shares traded at $19.94, near their 52-week low.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its price target lowered by stock analysts at Canadian Imperial Bank of Commerce from $34.00 to $33.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an "outperformer" rating on the mining company's stock. Canadian Imperial Bank of Commerce's target price would indicate a potential upside of 65.52% from the company's previous close.

KGC has been the topic of a number of other research reports. Zacks Research upgraded Kinross Gold from a "strong sell" rating to a "hold" rating in a report on Monday, September 7th. TD decreased their target price on shares of Kinross Gold from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. Weiss Ratings cut Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 23rd. Bank of America dropped their price target on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Finally, Citigroup reaffirmed a "buy" rating on shares of Kinross Gold in a report on Monday, September 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Kinross Gold currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.98.

Kinross Gold Stock Performance

NYSE:KGC traded down $0.62 during midday trading on Tuesday, hitting $19.94. The company's stock had a trading volume of 4,420,853 shares, compared to its average volume of 9,178,464. Kinross Gold has a fifty-two week low of $19.70 and a fifty-two week high of $39.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The firm has a market cap of $23.49 billion, a P/E ratio of 7.51, a P/E/G ratio of 0.76 and a beta of 0.82. The firm's 50 day moving average is $26.20 and its 200-day moving average is $28.78.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its earnings results on Wednesday, October 28th. The mining company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.04. Kinross Gold had a net margin of 37.62% and a return on equity of 33.61%. The firm had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.94 billion. Equities analysts anticipate that Kinross Gold will post 2.40 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Caitlin John LLC grew its position in Kinross Gold by 42.1% in the 2nd quarter. Caitlin John LLC now owns 1,350 shares of the mining company's stock valued at $32,000 after buying an additional 400 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. boosted its holdings in shares of Kinross Gold by 0.4% in the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company's stock valued at $3,329,000 after acquiring an additional 500 shares in the last quarter. AlphaCentric Advisors LLC increased its stake in shares of Kinross Gold by 7.8% during the third quarter. AlphaCentric Advisors LLC now owns 8,086 shares of the mining company's stock worth $195,000 after acquiring an additional 582 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Kinross Gold by 80.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company's stock worth $41,000 after acquiring an additional 605 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in shares of Kinross Gold by 6.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,137 shares of the mining company's stock worth $309,000 after acquiring an additional 645 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.