Short Interest in Kinross Gold Co. (KGC) Declines By 18.4%

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Kinross Gold Co. (NYSE:KGC) (TSE:K) saw a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 13,235,211 shares, a decline of 18.4% from the September 28th total of 16,218,292 shares. Based on an average daily trading volume, of 13,504,669 shares, the short-interest ratio is presently 1.0 days.

A number of research firms have weighed in on KGC. Citigroup lowered their price objective on Kinross Gold from $4.00 to $3.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 29th. JPMorgan Chase & Co. lowered their price objective on Kinross Gold from $6.00 to $5.00 and set a “neutral” rating on the stock in a research note on Monday, September 17th. Barclays began coverage on Kinross Gold in a research note on Wednesday, October 10th. They set an “overweight” rating and a $4.00 price objective on the stock. ValuEngine raised Kinross Gold from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 2nd. Finally, Credit Suisse Group set a $4.00 price objective on Kinross Gold and gave the stock a “hold” rating in a research note on Tuesday, September 25th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $4.33.

NYSE:KGC opened at $2.68 on Wednesday. Kinross Gold has a 52 week low of $2.57 and a 52 week high of $4.78. The company has a current ratio of 3.71, a quick ratio of 1.88 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 19.14 and a beta of 0.17.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, August 1st. The mining company reported $0.03 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.03. Kinross Gold had a return on equity of 5.73% and a net margin of 11.67%. The company had revenue of $775.00 million for the quarter, compared to the consensus estimate of $803.96 million. During the same quarter in the previous year, the business earned $0.04 earnings per share. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. On average, research analysts predict that Kinross Gold will post 0.16 EPS for the current fiscal year.

A number of large investors have recently bought and sold shares of KGC. Van ECK Associates Corp raised its position in Kinross Gold by 10.1% in the second quarter. Van ECK Associates Corp now owns 84,161,798 shares of the mining company’s stock valued at $316,448,000 after purchasing an additional 7,706,903 shares during the period. Renaissance Technologies LLC raised its position in Kinross Gold by 14.1% in the second quarter. Renaissance Technologies LLC now owns 54,555,299 shares of the mining company’s stock valued at $205,128,000 after purchasing an additional 6,743,300 shares during the period. Ruffer LLP raised its position in Kinross Gold by 15.6% in the second quarter. Ruffer LLP now owns 40,874,922 shares of the mining company’s stock valued at $153,931,000 after purchasing an additional 5,529,141 shares during the period. Toronto Dominion Bank raised its position in Kinross Gold by 53.6% in the second quarter. Toronto Dominion Bank now owns 6,597,278 shares of the mining company’s stock valued at $24,950,000 after purchasing an additional 2,302,251 shares during the period. Finally, Donald Smith & CO. Inc. raised its position in Kinross Gold by 2.0% in the second quarter. Donald Smith & CO. Inc. now owns 51,291,334 shares of the mining company’s stock valued at $192,855,000 after purchasing an additional 1,025,062 shares during the period. Institutional investors own 53.77% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, extraction, and processing of gold-containing ore. It also engages in the reclamation of gold mining properties; and production and sale of silver. The company's gold production and exploration activities are carried out principally in Canada, the United States, Russia, Brazil, Chile, Ghana, and Mauritania.

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