Kinross Gold (NYSE:KGC) Downgraded by Wall Street Zen to Buy

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

A number of other brokerages also recently issued reports on KGC. TD Securities increased their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Raymond James Financial raised 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. UBS Group upped their price target on shares of Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, December 1st. Desjardins assumed coverage on Kinross Gold in a research note on Friday, November 28th. They set a “buy” rating for the company. Finally, CIBC upped their target price on Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $29.81.

Kinross Gold Stock Up 1.1%

Kinross Gold stock opened at $31.24 on Friday. The firm has a 50 day simple moving average of $27.23 and a 200 day simple moving average of $22.78. The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15. Kinross Gold has a 1-year low of $10.01 and a 1-year high of $31.65. The firm has a market capitalization of $37.60 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 0.38 and a beta of 0.75.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.05. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 earnings per share. On average, analysts predict that Kinross Gold will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th were issued a dividend of $0.035 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.4%. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is 9.79%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of Kinross Gold by 35.1% in the 1st quarter. AQR Capital Management LLC now owns 70,370 shares of the mining company’s stock valued at $887,000 after purchasing an additional 18,287 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Kinross Gold by 95.7% in the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after purchasing an additional 3,398,687 shares during the last quarter. Caxton Associates LLP purchased a new stake in Kinross Gold during the first quarter valued at about $158,000. First Hawaiian Bank lifted its stake in shares of Kinross Gold by 36.8% in the 1st quarter. First Hawaiian Bank now owns 45,598 shares of the mining company’s stock valued at $575,000 after acquiring an additional 12,261 shares during the last quarter. Finally, Baron Wealth Management LLC boosted its holdings in Kinross Gold by 65.1% during the 2nd quarter. Baron Wealth Management LLC now owns 21,084 shares of the mining company’s stock valued at $330,000 after acquiring an additional 8,311 shares during the period. 63.69% of the stock is currently owned by institutional investors.

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.