Kinross Gold (NYSE:KGC) Shares Gap Down After Analyst Downgrade

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price gapped down before the market opened on Thursday after Scotiabank lowered their price target on the stock from $41.00 to $39.00. The stock had previously closed at $27.62, but opened at $26.23. Scotiabank currently has a sector outperform rating on the stock. Kinross Gold shares last traded at $24.7750, with a volume of 4,713,806 shares traded.

A number of other brokerages have also recently commented on KGC. Zacks Research upgraded shares of Kinross Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, September 7th. Jefferies Financial Group lowered their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Royal Bank Of Canada dropped their target price on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen lowered Kinross Gold from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, UBS Group decreased their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.14.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in KGC. Andra AP fonden raised its position in shares of Kinross Gold by 10.0% in the second quarter. Andra AP fonden now owns 867,872 shares of the mining company’s stock worth $20,499,000 after buying an additional 78,900 shares in the last quarter. Baird Financial Group Inc. bought a new position in Kinross Gold in the 2nd quarter worth about $995,000. Nykredit A S bought a new position in Kinross Gold in the 2nd quarter worth about $10,711,000. Allianz Asset Management GmbH raised its holdings in shares of Kinross Gold by 17.0% in the 2nd quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company’s stock valued at $227,141,000 after acquiring an additional 1,395,576 shares in the last quarter. Finally, Corient Private Wealth LP boosted its position in shares of Kinross Gold by 2.0% during the 2nd quarter. Corient Private Wealth LP now owns 53,928 shares of the mining company’s stock valued at $1,274,000 after acquiring an additional 1,064 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Down 10.0%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The stock has a market cap of $29.45 billion, a P/E ratio of 9.42, a P/E/G ratio of 0.70 and a beta of 0.84. The stock has a 50-day moving average price of $27.63 and a 200-day moving average price of $28.41.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the business earned $0.44 earnings per share. Kinross Gold’s revenue for the quarter was up 29.5% compared to the same quarter last year. On average, equities research analysts expect that Kinross Gold Corporation will post 2.56 EPS for the current year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were given a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 annualized dividend and a dividend yield of 0.6%. Kinross Gold’s dividend payout ratio (DPR) is 6.06%.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company’s operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.