Kinross Gold (NYSE:KGC) Issues Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• Kinross Gold beat quarterly earnings expectations: EPS came in at $0.71 versus the $0.66 consensus estimate, up from $0.44 a year earlier. Revenue increased 29.5% year over year, while net margin reached 35.99%.
• The stock fell 1.2% to $23.23 despite the earnings beat, trading well below its 50-day and 200-day moving averages. Kinross has a $27.55 billion market capitalization and a 52-week range of $15.37 to $39.11.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $37.31, although individual firms have issued both upgrades and downgrades.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K announced its quarterly earnings results on Wednesday. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05, Zacks reports. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.During the same period last year, the company earned $0.44 EPS. The company's quarterly revenue was up 29.5% compared to the same quarter last year.

Kinross Gold Stock Down 1.2%

KGC traded down $0.28 during mid-day trading on Wednesday, reaching $23.23. 8,951,105 shares of the stock were exchanged, compared to its average volume of 6,922,769. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84. The stock has a market capitalization of $27.55 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 0.63 and a beta of 0.78. The company has a 50 day moving average price of $25.46 and a two-hundred day moving average price of $30.03. Kinross Gold has a 1 year low of $15.37 and a 1 year high of $39.11.

Institutional Trading of Kinross Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. Virtus Advisers LLC bought a new stake in Kinross Gold in the 3rd quarter worth about $28,000. Harvest Fund Management Co. Ltd lifted its position in shares of Kinross Gold by 85.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock worth $32,000 after buying an additional 589 shares in the last quarter. Brown Brothers Harriman & Co. bought a new position in shares of Kinross Gold during the 3rd quarter worth approximately $38,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Kinross Gold in the 4th quarter worth approximately $61,000. Finally, Larson Financial Group LLC boosted its stake in shares of Kinross Gold by 39.2% in the 3rd quarter. Larson Financial Group LLC now owns 2,553 shares of the mining company's stock worth $63,000 after buying an additional 719 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analysts Forecast Growth

KGC has been the topic of a number of research reports. Jefferies Financial Group lowered their target price on Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Zacks Research lowered shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. Weiss Ratings lowered shares of Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $37.31.

About Kinross Gold

Kinross Gold Corporation NYSE: KGC is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company's activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.

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