Kinross Gold (NYSE:KGC) Cut to Buy at Wall Street Zen

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

Several other research firms have also recently issued reports on KGC. CIBC lifted their price objective on shares of Kinross Gold from $22.00 to $36.00 and gave the company an “outperformer” rating in a research report on Friday, October 10th. UBS Group raised their price objective on Kinross Gold from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Zacks Research upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Scotiabank restated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Finally, Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $27.56.

Kinross Gold Stock Performance

Shares of KGC opened at $25.46 on Friday. The business has a 50-day simple moving average of $23.89 and a two-hundred day simple moving average of $18.86. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 0.42 and a beta of 0.60. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. Kinross Gold has a 52 week low of $8.99 and a 52 week high of $27.84.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.24 EPS. On average, analysts expect that Kinross Gold will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, November 26th. Kinross Gold’s dividend payout ratio (DPR) is 9.79%.

Institutional Investors Weigh In On Kinross Gold

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Kinross Gold during the 2nd quarter worth about $389,025,000. Boston Partners boosted its position in Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock worth $632,797,000 after purchasing an additional 12,705,061 shares in the last quarter. Man Group plc grew its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after buying an additional 5,411,491 shares during the period. Bank of America Corp DE grew its position in shares of Kinross Gold by 81.2% during the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after acquiring an additional 3,617,320 shares during the period. Finally, AustralianSuper Pty Ltd grew its holdings in Kinross Gold by 127.2% in the second quarter. AustralianSuper Pty Ltd now owns 6,107,913 shares of the mining company’s stock valued at $95,509,000 after purchasing an additional 3,419,440 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.