Desjardins Cuts Kinross Gold (TSE:K) Price Target to C$53.00

Kinross Gold (TSE:K) (NYSE:KGC) had its price objective reduced by investment analysts at Desjardins from C$58.00 to C$53.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The firm presently has a “buy” rating on the stock. Desjardins’ target price would suggest a potential upside of 55.11% from the company’s current price.

Several other research firms have also issued reports on K. National Bank Financial lowered their target price on shares of Kinross Gold from C$50.00 to C$47.50 and set an “outperform” rating for the company in a report on Friday, July 31st. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating and raised their price objective for the company from C$41.00 to C$45.00 in a research report on Friday, July 31st. Finally, Jefferies Financial Group lowered their price objective on Kinross Gold from C$41.00 to C$38.00 in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of C$47.64.

Kinross Gold Stock Down 12.2%

Shares of K stock traded down C$4.74 during mid-day trading on Thursday, reaching C$34.17. 4,304,052 shares of the company’s stock traded hands, compared to its average volume of 3,756,096. The company’s 50-day moving average price is C$38.48 and its 200-day moving average price is C$39.44. The company has a market cap of C$40.80 billion, a P/E ratio of 12.99, a P/E/G ratio of -0.60 and a beta of 1.68. The company has a quick ratio of 1.11, a current ratio of 2.89 and a debt-to-equity ratio of 7.65. Kinross Gold has a 12 month low of C$30.93 and a 12 month high of C$53.57.

Kinross Gold (TSE:K) (NYSE:KGC) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.01 earnings per share (EPS) for the quarter. Kinross Gold had a net margin of 37.56% and a return on equity of 35.91%. The company had revenue of C$3.18 billion during the quarter. On average, equities analysts expect that Kinross Gold will post 1.0071259 earnings per share for the current fiscal year.

Insider Buying and Selling at Kinross Gold

In other news, insider Daniel Fombonne sold 2,003 shares of Kinross Gold stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$38.48, for a total value of C$77,075.44. Following the completion of the sale, the insider directly owned 16,155 shares in the company, valued at C$621,644.40. The trade was a 11.03% decrease in their ownership of the stock. Also, insider Laurence Davies sold 1,335 shares of Kinross Gold stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of C$38.48, for a total transaction of C$51,370.80. Following the completion of the sale, the insider directly owned 11,855 shares of the company’s stock, valued at approximately C$456,180.40. This trade represents a 10.12% decrease in their position. In the last 90 days, insiders have sold 33,338 shares of company stock worth $1,351,546. Company insiders own 0.26% of the company’s stock.

About Kinross Gold

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia. The company has historically used acquisitions to fuel expansion into new regions and production growth.