Kinross Gold (NYSE:KGC) Price Target Raised to $32.00 at Scotiabank

Key Points

• Scotiabank has raised its price target for Kinross Gold from $20.00 to $32.00, indicating a potential upside of 33.87% from the current stock price.
• The stock has received positive ratings from multiple analysts, with four giving a Strong Buy rating and a consensus target price of $27.56.
• Kinross Gold reported strong earnings, with a 41.7% year-over-year revenue increase, posting $0.44 EPS compared to analysts’ expectations of $0.33.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its target price hoisted by investment analysts at Scotiabank from $20.00 to $32.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the mining company's stock. Scotiabank's target price suggests a potential upside of 33.87% from the stock's current price.

KGC has been the subject of a number of other reports. Zacks Research upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Friday, October 17th. CIBC lifted their target price on Kinross Gold from $22.00 to $36.00 and gave the company an "outperformer" rating in a report on Friday, October 10th. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and lifted their target price for the company from $14.00 to $18.00 in a report on Thursday, June 26th. Canaccord Genuity Group lifted their target price on Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, UBS Group raised their price target on Kinross Gold from $27.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, October 16th. Four investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $27.56.

Kinross Gold Stock Up 1.5%

KGC stock traded up $0.34 during midday trading on Thursday, hitting $23.90. The company's stock had a trading volume of 1,705,451 shares, compared to its average volume of 20,039,422. 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 has a 52-week low of $8.99 and a 52-week high of $27.84. The firm has a market capitalization of $28.98 billion, a P/E ratio of 19.29, a PEG ratio of 0.47 and a beta of 0.64. The firm has a 50-day simple moving average of $22.88 and a 200-day simple moving average of $17.89.

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

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Armstrong Advisory Group Inc. increased its position in shares of Kinross Gold by 95.6% during the third quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company's stock worth $36,000 after purchasing an additional 717 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Kinross Gold during the third quarter worth about $44,000. Transce3nd LLC increased its position in shares of Kinross Gold by 128.2% during the second quarter. Transce3nd LLC now owns 2,914 shares of the mining company's stock worth $46,000 after purchasing an additional 1,637 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Kinross Gold during the first quarter worth about $55,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Kinross Gold during the first quarter worth about $77,000. Institutional investors and hedge funds own 63.69% of the company's stock.

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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