Kinross Gold (NYSE:KGC) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Kinross Gold was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, indicating a shift in analyst sentiment regarding the stock.
• Despite the downgrade, other analysts have set various target prices for Kinross shares, with a consensus average price target of $21.07.
• Kinross Gold's recent earnings report showed a significant growth in revenue, with earnings per share beating expectations, reflecting a 41.7% increase from the previous year.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.

Several other research analysts have also recently weighed in on the stock. Royal Bank Of Canada upped their price target on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. CIBC boosted their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a research report on Monday, June 30th. Zacks Research cut shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 1st. Finally, Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and boosted their price target for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $21.07.

Kinross Gold Stock Up 5.4%

Kinross Gold stock opened at $23.46 on Friday. The stock has a market capitalization of $28.44 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 0.72 and a beta of 0.62. Kinross Gold has a twelve month low of $8.99 and a twelve month high of $23.65. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $19.18 and a 200-day moving average of $15.84.

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

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently bought and sold shares of KGC. Transce3nd LLC increased its holdings in Kinross Gold by 128.2% in the 2nd quarter. Transce3nd LLC now owns 2,914 shares of the mining company's stock valued at $46,000 after buying an additional 1,637 shares during the period. Banque Cantonale Vaudoise bought a new position in Kinross Gold in the 1st quarter valued at about $55,000. Farther Finance Advisors LLC increased its holdings in Kinross Gold by 188.6% in the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after buying an additional 3,659 shares during the period. Headlands Technologies LLC bought a new position in Kinross Gold in the 1st quarter valued at about $77,000. Finally, MAI Capital Management increased its holdings in Kinross Gold by 22.0% in the 2nd quarter. MAI Capital Management now owns 5,022 shares of the mining company's stock valued at $78,000 after buying an additional 907 shares during the period. 63.69% of the stock is owned by institutional investors.

About Kinross Gold

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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