Kinross Gold (NYSE:KGC) Issues Quarterly Earnings Results

Kinross Gold (NYSE:KGC) (TSE:K) announced its quarterly earnings results on Tuesday. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05, Zacks reports. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The business’s revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS.

Kinross Gold Stock Down 4.1%

Shares of KGC stock traded down $0.95 during trading hours on Tuesday, reaching $22.45. 8,892,897 shares of the company’s stock were exchanged, compared to its average volume of 19,679,373. Kinross Gold has a fifty-two week low of $8.99 and a fifty-two week high of $27.84. The stock’s 50 day moving average is $23.59 and its 200-day moving average is $18.59. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The company has a market cap of $27.16 billion, a price-to-earnings ratio of 18.10, a P/E/G ratio of 0.42 and a beta of 0.64.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. TD Securities boosted their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Raymond James Financial upped their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Canaccord Genuity Group lifted their target price on Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a report on Friday. Finally, Wall Street Zen raised shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 3rd. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $27.56.

Hedge Funds Weigh In On Kinross Gold

Hedge funds have recently modified their holdings of the stock. Public Sector Pension Investment Board grew its holdings in Kinross Gold by 0.9% in the second quarter. Public Sector Pension Investment Board now owns 119,095 shares of the mining company’s stock valued at $1,857,000 after purchasing an additional 1,100 shares during the period. Evergreen Capital Management LLC boosted its position in shares of Kinross Gold by 1.1% during the 2nd quarter. Evergreen Capital Management LLC now owns 56,135 shares of the mining company’s stock worth $877,000 after purchasing an additional 593 shares during the period. Headlands Technologies LLC increased its position in shares of Kinross Gold by 831.6% during the second quarter. Headlands Technologies LLC now owns 57,011 shares of the mining company’s stock worth $891,000 after acquiring an additional 50,891 shares during the period. Strategic Investment Advisors MI lifted its stake in Kinross Gold by 115.7% in the second quarter. Strategic Investment Advisors MI now owns 40,851 shares of the mining company’s stock worth $639,000 after acquiring an additional 21,912 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its holdings in Kinross Gold by 8.5% during the 2nd quarter. Corient Private Wealth LLC now owns 52,651 shares of the mining company’s stock worth $823,000 after buying an additional 4,128 shares during the last quarter. Institutional investors and hedge funds 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.