Kinross Gold (NYSE:KGC) Cut to Hold at Zacks Research

Key Points

• Kinross Gold has been downgraded from a "strong-buy" rating to a "hold" rating by Zacks Research, reflecting a change in market sentiment regarding the stock.
• Despite the downgrade, analysts maintain a consensus rating of "Moderate Buy" with an average price target of $20.07 for Kinross Gold.
• Recently reported quarterly earnings showed a significant rise with $1.75 billion in revenue, up 41.7% compared to the previous year, and EPS of $0.44 exceeding consensus estimates.

Zacks Research cut shares of Kinross Gold (NYSE:KGC - Free Report) TSE: K from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. National Bankshares reiterated an "outperform" rating on shares of Kinross Gold in a report on Tuesday, June 24th. Scotiabank lifted their price target on Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 8th. CIBC lifted their price target on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and lifted their price target for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Finally, Canaccord Genuity Group lifted their price target on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. 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. According to MarketBeat.com, Kinross Gold currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.07.

Kinross Gold Stock Up 3.0%

Shares of NYSE:KGC traded up $0.64 during midday trading on Monday, reaching $22.13. The company had a trading volume of 17,600,836 shares, compared to its average volume of 16,640,965. 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 business's 50 day moving average price is $17.72 and its 200 day moving average price is $15.04. The stock has a market cap of $26.89 billion, a PE ratio of 17.84, a P/E/G ratio of 0.73 and a beta of 0.62. Kinross Gold has a 1-year low of $8.31 and a 1-year high of $22.22.

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. 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 for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the business earned $0.14 earnings per share. Kinross Gold's quarterly revenue was up 41.7% on a year-over-year basis. Research analysts forecast that Kinross Gold will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 21st. Kinross Gold's payout ratio is currently 9.68%.

Institutional Investors Weigh In On Kinross Gold

Institutional investors have recently made changes to their positions in the company. Transce3nd LLC boosted its holdings 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 acquiring an additional 1,637 shares during the period. Banque Cantonale Vaudoise acquired a new stake in shares of Kinross Gold in the first quarter valued at approximately $55,000. MAI Capital Management raised its position in shares of Kinross Gold by 22.0% in the second 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 in the last quarter. IFP Advisors Inc raised its position in shares of Kinross Gold by 19.1% in the second quarter. IFP Advisors Inc now owns 5,210 shares of the mining company's stock valued at $81,000 after buying an additional 835 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Kinross Gold by 188.6% in the first 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 in 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.