Scotiabank Cuts Kinross Gold (NYSE:KGC) Price Target to $41.00

Key Points

• Scotiabank lowered its price target on Kinross Gold from $45 to $41 but kept a sector outperform rating, implying substantial upside from the previous close.
• Other analysts have also trimmed expectations recently, including UBS, RBC, and Jefferies; MarketBeat now shows an average rating of Moderate Buy with a $37.31 average price target.
• Kinross Gold shares rose 1.7% to $23.89, and the company recently reported better-than-expected EPS of $0.71 along with 60.8% revenue growth year over year.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its price objective reduced by research analysts at Scotiabank from $45.00 to $41.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the mining company's stock. Scotiabank's target price indicates a potential upside of 71.66% from the company's previous close.

A number of other brokerages have also weighed in on KGC. UBS Group cut their price target on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada decreased their price objective on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Wall Street Zen lowered shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 24th. Weiss Ratings downgraded shares of Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group reduced their price target on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $37.31.

Kinross Gold Trading Up 1.7%

Shares of KGC traded up $0.41 during trading hours on Tuesday, reaching $23.89. The stock had a trading volume of 4,462,368 shares, compared to its average volume of 9,978,906. Kinross Gold has a 52 week low of $15.10 and a 52 week high of $39.11. The firm has a 50-day moving average of $27.04 and a 200 day moving average of $30.52. The company has a market cap of $28.33 billion, a P/E ratio of 10.12, a P/E/G ratio of 0.64 and a beta of 0.78. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in shares of Kinross Gold in the 4th quarter valued at $26,000. Financial Management Professionals Inc. bought a new position in Kinross Gold during the 4th quarter worth $26,000. Virtus Advisers LLC acquired a new position in Kinross Gold during the 3rd quarter worth about $28,000. Ascentis Independent Advisors acquired a new position in Kinross Gold during the 1st quarter worth about $29,000. Finally, Harvest Fund Management Co. Ltd grew its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock valued at $32,000 after buying an additional 589 shares during the last quarter. Institutional investors own 63.69% of the company's stock.

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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