Kinross Gold (TSE:K) Price Target Cut to C$48.00 by Analysts at BMO Capital Markets

Key Points

• BMO Capital Markets lowered Kinross Gold’s price target to C$48 from C$49 while maintaining an “outperform” rating, implying roughly 40.5% upside from the reported price.
• Kinross shares fell 12.2% to C$34.17, though analysts’ consensus remains “Buy” with an average target of C$47.64.
• The company reported C$1.01 in quarterly EPS and C$3.18 billion in revenue; insiders sold 33,338 shares worth approximately C$1.35 million over the past three months.

Kinross Gold (TSE:K - Get Free Report) NYSE: KGC had its price objective lowered by equities researchers at BMO Capital Markets from C$49.00 to C$48.00 in a research note issued to investors on Thursday, BayStreet reports. The firm currently has an "outperform" rating on the stock. BMO Capital Markets' price target points to a potential upside of 40.47% from the stock's current price.

A number of other research firms also recently issued reports on K. Jefferies Financial Group lowered their price target on Kinross Gold from C$41.00 to C$38.00 in a research report on Monday, July 6th. Desjardins cut their price objective on Kinross Gold from C$58.00 to C$53.00 and set a "buy" rating on the stock in a report on Thursday. National Bank Financial reduced their price objective on Kinross Gold from C$50.00 to C$47.50 and set an "outperform" rating on the stock in a research note on Friday, July 31st. Finally, ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating and boosted their target price for the stock from C$41.00 to C$45.00 in a 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 stock. According to MarketBeat, Kinross Gold presently has a consensus rating of "Buy" and an average target price of C$47.64.

Kinross Gold Trading Down 12.2%

TSE:K traded down C$4.74 during trading hours on Thursday, reaching C$34.17. 4,304,052 shares of the company were exchanged, compared to its average volume of 3,756,096. The company has a debt-to-equity ratio of 7.65, a current ratio of 2.89 and a quick ratio of 1.11. The firm has a market cap of C$40.80 billion, a price-to-earnings ratio of 12.99, a PEG ratio of -0.60 and a beta of 1.68. Kinross Gold has a 52-week low of C$30.93 and a 52-week high of C$53.57. The stock has a 50 day simple moving average of C$38.48 and a 200 day simple moving average of C$39.44.

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

Insider Buying and Selling at Kinross Gold

In other news, insider Daniel Fombonne sold 2,003 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of C$38.48, for a total value of C$77,075.44. Following the completion of the sale, the insider owned 16,155 shares in the company, valued at approximately C$621,644.40. This trade represents a 11.03% decrease in their ownership of the stock. Also, insider Laurence Davies sold 1,335 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of C$38.48, for a total value of C$51,370.80. Following the sale, the insider owned 11,855 shares in the company, valued at approximately C$456,180.40. The trade was a 10.12% decrease in their ownership of the stock. Insiders have sold 33,338 shares of company stock valued at $1,351,546 over the last three months. 0.26% of the stock is owned by company insiders.

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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