Kinross Gold (KGC) Rating Increased to Buy at Zacks Investment Research

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Kinross Gold (NYSE:KGC) (TSE:K) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $4.00 price objective on the mining company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 19.05% from the company’s current price.

According to Zacks, “Kinross swung to loss in fourth-quarter 2018. Nevertheless, adjusted earnings and sales topped their respective Zacks Consensus Estimate. The company is making steady progress in advancing the projects that provide it strong growth profile among leading gold producers. The Tasiast expansion is expected to contribute to growth in the future. Also, it is focused on managing costs and improving cash flow.”

Several other equities analysts have also commented on KGC. Beacon Securities reissued a “buy” rating on shares of Kinross Gold in a research report on Monday, November 19th. ValuEngine raised Kinross Gold from a “sell” rating to a “hold” rating in a research report on Wednesday, November 21st. Royal Bank of Canada set a $4.00 price objective on Kinross Gold and gave the stock a “hold” rating in a report on Wednesday, December 12th. Credit Suisse Group downgraded Kinross Gold from a “neutral” rating to an “underperform” rating in a report on Wednesday, December 19th. Finally, Raymond James restated an “outperform” rating and set a $4.50 price objective on shares of Kinross Gold in a report on Thursday, February 14th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $4.07.

Kinross Gold stock opened at $3.36 on Wednesday. The company has a market cap of $4.19 billion, a P/E ratio of 33.60 and a beta of -0.10. The company has a current ratio of 2.61, a quick ratio of 0.89 and a debt-to-equity ratio of 0.38. Kinross Gold has a one year low of $2.38 and a one year high of $4.12.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, February 13th. The mining company reported $0.01 EPS for the quarter. The firm had revenue of $786.50 million for the quarter, compared to analyst estimates of $761.30 million. Kinross Gold had a positive return on equity of 2.78% and a negative net margin of 0.73%. Kinross Gold’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. Sell-side analysts expect that Kinross Gold will post 0.13 EPS for the current year.

Hedge funds have recently bought and sold shares of the business. Macquarie Group Ltd. increased its holdings in Kinross Gold by 26.1% during the 3rd quarter. Macquarie Group Ltd. now owns 326,860 shares of the mining company’s stock worth $890,000 after purchasing an additional 67,680 shares during the last quarter. Credit Suisse AG increased its holdings in shares of Kinross Gold by 3.5% in the 3rd quarter. Credit Suisse AG now owns 7,625,087 shares of the mining company’s stock valued at $20,588,000 after acquiring an additional 260,862 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Kinross Gold by 4.1% in the 4th quarter. Bank of Nova Scotia now owns 10,496,343 shares of the mining company’s stock valued at $34,050,000 after acquiring an additional 411,889 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Kinross Gold by 4.3% in the 3rd quarter. Vanguard Group Inc. now owns 34,603,334 shares of the mining company’s stock valued at $93,429,000 after acquiring an additional 1,414,800 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Kinross Gold by 11,207.6% in the 4th quarter. Commonwealth Equity Services LLC now owns 1,736,848 shares of the mining company’s stock valued at $5,627,000 after acquiring an additional 1,721,488 shares during the last quarter. Institutional investors own 60.20% 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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