Kinross Gold (NYSE:KGC) Posts Earnings Results, Beats Expectations By $0.05 EPS

Kinross Gold (NYSE:KGC) (TSE:K) issued its quarterly earnings results on Wednesday. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05, Zacks reports. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter last year, the company posted $0.44 earnings per share.

Kinross Gold Price Performance

Shares of KGC traded down $0.28 during midday trading on Wednesday, hitting $23.23. 8,951,105 shares of the company traded hands, compared to its average volume of 6,922,769. Kinross Gold has a one year low of $15.37 and a one year high of $39.11. The firm has a market cap of $27.55 billion, a P/E ratio of 10.40, a PEG ratio of 0.63 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83. The stock has a 50-day moving average of $25.46 and a 200-day moving average of $30.03.

Hedge Funds Weigh In On Kinross Gold

Hedge funds have recently bought and sold shares of the company. Virtus Advisers LLC bought a new stake in Kinross Gold during the 3rd quarter worth approximately $28,000. Harvest Fund Management Co. Ltd boosted its holdings in Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares during the period. Brown Brothers Harriman & Co. purchased a new position in shares of Kinross Gold during the 3rd quarter valued at $38,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Kinross Gold during the 4th quarter valued at $61,000. Finally, Larson Financial Group LLC increased its holdings in shares of Kinross Gold by 39.2% in the third quarter. Larson Financial Group LLC now owns 2,553 shares of the mining company’s stock worth $63,000 after purchasing an additional 719 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on KGC. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. Zacks Research lowered Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Scotiabank dropped their price target on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Jefferies Financial Group cut their price target on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Finally, Weiss Ratings downgraded Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.31.

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.