CIBC Forecasts Strong Price Appreciation for Kinross Gold (NYSE:KGC) Stock

Key Points

• CIBC has raised its price target for Kinross Gold stock from $22.00 to $36.00, indicating a potential upside of 48.74% from the stock's previous close.
• Several research firms have given positive ratings to Kinross Gold, with a consensus rating of "Buy" and an average target price of $25.19.
• The company reported a significant 41.7% year-over-year revenue increase, with earnings per share of $0.44 for the last quarter, exceeding analysts' expectations.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its price target increased by equities research analysts at CIBC from $22.00 to $36.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "outperformer" rating on the mining company's stock. CIBC's price target would suggest a potential upside of 48.74% from the stock's previous close.

A number of other equities research analysts have also weighed in on the company. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Weiss Ratings reissued a "buy (a-)" rating on shares of Kinross Gold in a research note on Wednesday. TD Securities upped their price objective on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a "buy" rating in a report on Wednesday. UBS Group raised their target price on Kinross Gold from $20.00 to $27.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Finally, Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday, October 3rd. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $25.19.

Kinross Gold Stock Down 0.3%

Shares of NYSE:KGC traded down $0.08 during midday trading on Friday, reaching $24.20. The company's stock had a trading volume of 6,293,530 shares, compared to its average volume of 20,329,029. Kinross Gold has a 12-month low of $8.99 and a 12-month high of $25.91. The firm has a 50 day moving average of $21.65 and a 200-day moving average of $17.09. The firm has a market capitalization of $29.34 billion, a P/E ratio of 19.49, a PEG ratio of 0.81 and a beta of 0.64. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

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

Institutional Trading of Kinross Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in KGC. Norges Bank bought a new stake in Kinross Gold during the 2nd quarter valued at approximately $389,025,000. Boston Partners increased its holdings in Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after acquiring an additional 12,705,061 shares during the last quarter. Man Group plc increased its stake in Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock worth $261,646,000 after acquiring an additional 5,411,491 shares during the last quarter. Artemis Investment Management LLP increased its stake in Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after acquiring an additional 5,400,447 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock worth $126,191,000 after acquiring an additional 3,617,320 shares during the last quarter. Institutional investors own 63.69% of the company's stock.

Kinross Gold Company Profile

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.

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