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

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

A number of other brokerages also recently issued reports on KGC. UBS Group reduced their price target on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings cut Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Royal Bank Of Canada dropped their price target on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Jefferies Financial Group cut their price objective on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. One research 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 issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.31.

Kinross Gold Price Performance

NYSE:KGC opened at $23.47 on Friday. Kinross Gold has a 52 week low of $16.35 and a 52 week high of $39.11. 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 firm’s 50-day simple moving average is $25.16 and its 200 day simple moving average is $29.84. The firm has a market cap of $27.84 billion, a price-to-earnings ratio of 8.89, a P/E/G ratio of 0.63 and a beta of 0.78.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the previous year, the firm posted $0.44 EPS. The business’s revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kinross Gold will post 2.62 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Institutional Trading of Kinross Gold

Several institutional investors have recently added to or reduced their stakes in KGC. AQR Capital Management LLC increased its stake in Kinross Gold by 35.1% in the first 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. Caxton Associates LLP bought a new stake in Kinross Gold in the 1st quarter worth about $158,000. Sivia Capital Partners LLC purchased a new stake in shares of Kinross Gold during the second quarter valued at approximately $167,000. M&T Bank Corp increased its position in shares of Kinross Gold by 9.0% during the 2nd quarter. M&T Bank Corp now owns 16,153 shares of the mining company’s stock valued at $252,000 after purchasing an additional 1,328 shares during the last quarter. Finally, AXA S.A. bought a new stake in Kinross Gold in the second quarter worth about $2,483,000. 63.69% of the stock is currently owned by institutional investors.

About Kinross Gold

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.