Kinross Gold (NYSE:KGC) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a strong-buy rating in a report published on Saturday.

Other equities analysts also recently issued reports about the company. Zacks Research downgraded Kinross Gold from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 23rd. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. Canadian Imperial Bank of Commerce set a $54.00 price objective on Kinross Gold in a research report on Wednesday, February 4th. UBS Group lowered their price objective on Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Finally, Weiss Ratings downgraded Kinross Gold from a “buy (a+)” rating to a “buy (a-)” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average price target of $38.81.

Kinross Gold Stock Performance

NYSE:KGC opened at $28.40 on Friday. The stock has a 50-day simple moving average of $31.23 and a two-hundred day simple moving average of $30.44. Kinross Gold has a 52-week low of $13.34 and a 52-week high of $39.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84. The firm has a market capitalization of $33.87 billion, a PE ratio of 12.03, a P/E/G ratio of 1.02 and a beta of 0.73.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the company posted $0.30 earnings per share. Kinross Gold’s revenue for the quarter was up 60.8% on a year-over-year basis. Analysts forecast that Kinross Gold will post 2.92 EPS for the current year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Thursday, May 21st will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Thursday, May 21st. Kinross Gold’s payout ratio is currently 6.78%.

Institutional Investors Weigh In On Kinross Gold

A number of hedge funds have recently made changes to their positions in KGC. Norges Bank purchased a new stake in shares of Kinross Gold in the fourth quarter worth about $518,656,000. Van ECK Associates Corp lifted its position in shares of Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock worth $2,682,791,000 after buying an additional 7,825,336 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Kinross Gold by 4,443.4% in the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after buying an additional 6,590,380 shares in the last quarter. Man Group plc lifted its position in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of 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 worth $126,191,000 after buying 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.

More Kinross Gold News

Here are the key news stories impacting Kinross Gold this week:

• Positive Sentiment: Analysts are raising earnings estimates across several future periods, reflecting better profit expectations for Kinross Gold. Article Title
• Positive Sentiment: Strong cash flow, project growth, and a solid balance sheet may help cushion the stock during periods of softer gold prices. Article Title
• Neutral Sentiment: Zacks Research maintained a Hold rating while lifting forecasts, which supports the outlook but does not amount to a bullish upgrade.
• Neutral Sentiment: The stock’s long-term performance has been very strong, but recent volatility has made valuation and timing questions more important for investors. Article Title
• Negative Sentiment: Weakness in gold prices and a break below the 50-day SMA are weighing on near-term trading sentiment for Kinross Gold.

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.