Kinross Gold Downgraded to Buy by StockNews.com

Analysts at StockNews.com have recently downgraded shares of Kinross Gold (NYSE:KGC) from a "strong-buy" rating to a "buy" rating in a research report released to clients and investors on Friday.

In addition to this downgrade, several other analysts have shown interest in Kinross Gold's stock. On October 4th, Jefferies Financial Group raised their target price for the company from $9.00 to $10.00 and assigned a "hold" rating. Earlier, on July 10th, CIBC increased their target price from $8.15 to $12.00 and gave the mining company an "outperformer" rating. Scotiabank also adjusted their price target on August 19th, moving it from $9.50 to $11.00 while maintaining a rating of "sector outperform".

As of now, a mix of opinions exists: two analysts rate the stock as a hold, while four suggest buying it. Current data from MarketBeat.com indicates that Kinross Gold holds a consensus rating categorized as a "Moderate Buy" with a price target averaging $9.50.

Kinross Gold Performance Metrics

During trading on Friday, shares of Kinross Gold fell by $0.11, ending the day at $9.98. A total of 13,867,456 shares changed hands, which is slightly below the average trading volume of 15,249,173 shares. The stock has experienced a 1-year low of $4.75 and a high of $10.82. Presently, Kinross Gold boasts a market capitalization of $12.26 billion, with a price-to-earnings ratio of 24.33 and a price-to-earnings-growth ratio of 0.55. In terms of stability, the stock has a beta value of 1.24. Over the past 50 days, the simple moving average stands at $9.62, while it is at $8.58 over the last 200 days. Financially, the company has a debt-to-equity ratio of 0.19, alongside a current ratio of 1.27 and a quick ratio of 0.52.

The most recent quarterly earnings for Kinross Gold were reported on July 31st, revealing earnings per share (EPS) of $0.14. This figure slightly exceeded the projected estimate of $0.13. The revenue totaled $1.22 billion, surpassing expectations of $1.20 billion by a small margin. Year-over-year, the firm's revenue increased by 11.6%, and analysts are predicting an average EPS of 0.64 for the ongoing fiscal year.

Institutional Investor Activity

Recently, several hedge funds and institutional investors have adjusted their positions in Kinross Gold. For instance, Hussman Strategic Advisors Inc. increased their stake by 25% in the first quarter, now owning 127,500 shares valued at approximately $782,000 after purchasing an additional 25,500 shares. Meanwhile, Daiwa Securities Group Inc. raised their ownership by a staggering 616.7% in the same quarter, holding 25,800 shares worth about $158,000 following the acquisition of 22,200 shares. Furthermore, Quantbot Technologies LP acquired a new position valued at $1,095,000, and Primoris Wealth Advisors LLC bought $164,000 worth of shares. It is noteworthy that institutional investors currently control 63.69% of Kinross Gold’s stock.

About Kinross Gold

Kinross Gold Corporation, along with its subsidiaries, is involved in the acquisition, exploration, and development of gold properties. Their operations are mainly based in countries like the United States, Brazil, Chile, Canada, and Mauritania. Key projects include the Fort Knox mine and Manh Choh project in Alaska, along with various mines in Nevada and several other significant locations.

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