Zacks Investment Research Downgrades Kinross Gold (NYSE:KGC) to Sell

Kinross Gold (NYSE:KGCGet Rating) (TSE:K) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday, Zacks.com reports. They presently have a $5.75 target price on the mining company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 9.52% from the stock’s current price.

According to Zacks, “Earnings estimates for Kinross for the first quarter have been deceasing over the past month. The company is steadily advancing the projects that will provide it strong growth profile among leading gold producers. Tasiast is an operating mine and the expansion of the project will boost productivity. The capital-efficient Tasiast 24k project provides another upside. Kinross is also likely to gain from organic development projects and opportunities in the Americas. The Gilmore project is a low-cost brownfield expansion with minimal risk. The optimization work at Paracatu is also favorable for the company. However, lower gold production is a concern. Its higher production costs are also expected to dent results. Uncertainties surrounding the pandemic may impact demand for gold over the short term.”

A number of other equities analysts have also recently issued reports on KGC. Raymond James set a $7.50 price target on shares of Kinross Gold and gave the stock an “outperform” rating in a research note on Wednesday, April 6th. CSFB set a $7.00 price target on shares of Kinross Gold and gave the stock an “outperform” rating in a research report on Thursday, February 17th. Royal Bank of Canada downgraded shares of Kinross Gold from an “outperform” rating to a “sector perform” rating and set a $6.00 price target on the stock. in a research report on Wednesday, April 20th. Credit Suisse Group downgraded shares of Kinross Gold from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $7.00 to $5.25 in a research report on Thursday, March 3rd. Finally, Canaccord Genuity Group reduced their price target on shares of Kinross Gold from C$10.50 to C$9.50 and set a “buy” rating on the stock in a report on Thursday, March 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $8.58.

Kinross Gold stock traded down $0.24 during mid-day trading on Monday, hitting $5.25. 1,144,059 shares of the company traded hands, compared to its average volume of 20,894,582. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 30.88 and a beta of 0.97. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.08 and a current ratio of 2.63. Kinross Gold has a one year low of $4.90 and a one year high of $8.34. The stock has a fifty day moving average price of $5.72 and a 200-day moving average price of $5.81.

Kinross Gold (NYSE:KGCGet Rating) (TSE:K) last issued its earnings results on Wednesday, February 16th. The mining company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.06 by $0.02. The company had revenue of $879.50 million for the quarter, compared to the consensus estimate of $927.06 million. Kinross Gold had a net margin of 5.93% and a return on equity of 8.00%. The firm’s revenue for the quarter was down 26.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 earnings per share. Sell-side analysts predict that Kinross Gold will post 0.62 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. DeDora Capital Inc. purchased a new position in shares of Kinross Gold in the 4th quarter valued at $1,792,000. Geneos Wealth Management Inc. lifted its position in shares of Kinross Gold by 4,360.5% in the 3rd quarter. Geneos Wealth Management Inc. now owns 7,672 shares of the mining company’s stock worth $40,000 after buying an additional 7,500 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in Kinross Gold by 84.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 7,875 shares of the mining company’s stock valued at $42,000 after purchasing an additional 3,600 shares during the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in shares of Kinross Gold by 28.6% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 9,000 shares of the mining company’s stock worth $52,000 after buying an additional 2,000 shares in the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Kinross Gold in the 4th quarter worth approximately $57,000. 57.21% of the stock is currently owned by institutional investors and hedge funds.

About Kinross Gold (Get Rating)

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the extraction and processing of gold-containing ores; reclamation of gold mining properties; and production and sale of silver.

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