TD Securities Forecasts Strong Price Appreciation for Kinross Gold (NYSE:KGC) Stock

Key Points

• TD Securities has raised its target price for Kinross Gold's stock from $22.00 to $30.00, indicating a potential upside of 18.65% from the previous close.
• Multiple analysts have a positive outlook on Kinross Gold, with three rating it as a Strong Buy and the consensus target price set at approximately $22.19.
• Kinross Gold reported a quarterly EPS of $0.44, exceeding forecasts and showing a 41.7% increase in revenue year-over-year.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K had its target price raised by research analysts at TD Securities from $22.00 to $30.00 in a research report issued to clients and investors on Wednesday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the mining company's stock. TD Securities' price objective would suggest a potential upside of 18.65% from the stock's previous close.

KGC has been the subject of several other reports. Canaccord Genuity Group lifted their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a report on Monday, June 30th. UBS Group boosted their price target on shares of Kinross Gold from $20.00 to $27.00 and gave the stock a "buy" rating in a report on Friday, September 19th. CIBC boosted their price target on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Finally, Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and lifted their target price for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Kinross Gold presently has a consensus rating of "Buy" and an average target price of $22.19.

Kinross Gold Stock Performance

KGC stock traded up $0.03 during trading on Wednesday, reaching $25.29. The company had a trading volume of 12,624,447 shares, compared to its average volume of 20,415,938. The firm has a 50-day simple moving average of $21.29 and a 200-day simple moving average of $16.95. The company has a market cap of $30.66 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. Kinross Gold has a twelve month low of $8.99 and a twelve month high of $25.91.

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

Institutional Trading of Kinross Gold

A number of large investors have recently made changes to their positions in KGC. Norges Bank purchased a new stake in shares of Kinross Gold during the second quarter worth approximately $389,025,000. Boston Partners boosted its holdings in Kinross Gold by 36.5% in the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after purchasing an additional 12,705,061 shares in the last quarter. Man Group plc boosted its holdings 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 purchasing an additional 5,411,491 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in Kinross Gold by 365.8% in the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after purchasing an additional 5,400,447 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Kinross Gold by 81.2% in the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock valued at $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. 63.69% of the stock is currently owned by hedge funds and other 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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