Scotiabank Lowers Kinross Gold (NYSE:KGC) Price Target to $39.00

Key Points

• Scotiabank lowered Kinross Gold’s price target from $41 to $39 while maintaining a “sector outperform” rating, implying approximately 41% upside from the stock’s $27.61 price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $38.14, despite several firms recently reducing targets or downgrading the stock.
• Kinross reported quarterly EPS of $0.71, beating estimates by $0.05, while revenue rose 29.5% year over year to $2.22 billion. Institutional investors own 63.69% of the company.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its price objective lowered by stock analysts at Scotiabank from $41.00 to $39.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a "sector outperform" rating on the mining company's stock. Scotiabank's price objective suggests a potential upside of 41.23% from the company's current price.

KGC has been the topic of a number of other research reports. ATB Cormark Capital Markets raised shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, July 31st. Weiss Ratings lowered Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th. Jefferies Financial Group dropped their price target on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Wall Street Zen downgraded Kinross Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Royal Bank Of Canada cut their price target on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $38.14.

Kinross Gold Trading Down 3.8%

Shares of KGC stock opened at $27.61 on Thursday. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. Kinross Gold has a twelve month low of $22.01 and a twelve month high of $39.11. The stock's fifty day simple moving average is $27.63 and its 200 day simple moving average is $28.41. The firm has a market capitalization of $32.71 billion, a P/E ratio of 10.46, a P/E/G ratio of 0.70 and a beta of 0.84.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the company posted $0.44 EPS. The business's quarterly revenue was up 29.5% on a year-over-year basis. As a group, sell-side analysts predict that Kinross Gold will post 2.56 EPS for the current fiscal year.

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently made changes to their positions in the company. Caitlin John LLC boosted its position in shares of 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 purchasing an additional 400 shares during the period. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. lifted its stake in shares of Kinross Gold by 0.4% in the 2nd quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company's stock worth $3,329,000 after acquiring an additional 500 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Kinross Gold by 80.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company's stock valued at $41,000 after purchasing an additional 605 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of Kinross Gold by 6.8% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,137 shares of the mining company's stock valued at $309,000 after buying an additional 645 shares in the last quarter. Finally, Baron Wealth Management LLC grew its stake in shares of Kinross Gold by 3.1% during the 2nd quarter. Baron Wealth Management LLC now owns 21,941 shares of the mining company's stock worth $518,000 after purchasing an additional 653 shares during the period. 63.69% of the stock is owned by institutional investors.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company's operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.

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