Kinross Gold (NYSE:KGC) Lowered to "Strong Sell" Rating by Zacks Research

Key Points

• Zacks Research downgraded Kinross Gold from hold to strong sell, making it the latest analyst to turn more cautious on the stock.
• Despite the downgrade, the broader analyst view remains positive: Kinross still carries a Moderate Buy consensus rating with an average price target of $37.31.
• The company recently reported Q1 earnings of $0.71 per share, beating estimates, while revenue rose 60.8% year over year; the stock was up 1.8% to $23.89 on Monday.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K was downgraded by stock analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Monday,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Freedom Capital raised shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. Royal Bank Of Canada reduced their price objective on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. ATB Cormark Capital Markets raised shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, May 1st. Jefferies Financial Group dropped their price objective 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. Finally, Scotiabank cut their price target on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.31.

Kinross Gold Stock Up 1.8%

NYSE:KGC opened at $23.89 on Monday. 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 company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 0.62 and a beta of 0.78. Kinross Gold has a one year low of $15.10 and a one year high of $39.11. The stock has a 50-day simple moving average of $26.94 and a 200 day simple moving average of $30.48.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The firm's revenue was up 60.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.30 earnings per share. Sell-side analysts predict that Kinross Gold will post 2.7 EPS for the current fiscal year.

Institutional Trading of Kinross Gold

Several institutional investors have recently made changes to their positions in KGC. Norges Bank acquired a new stake in shares of Kinross Gold during the 4th quarter worth about $518,656,000. AQR Capital Management LLC boosted its position in Kinross Gold by 4,443.4% in the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company's stock valued at $189,808,000 after buying an additional 6,590,380 shares in the last quarter. Man Group plc boosted its position in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Bank of America Corp DE grew its stake in Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock worth $126,191,000 after buying an additional 3,617,320 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Kinross Gold during the third quarter worth approximately $74,996,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Company Profile

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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