Kinross Gold (NYSE:KGC) Stock Price Expected to Rise, CIBC Analyst Says

Kinross Gold (NYSE:KGC) (TSE:K) had its price target lifted by investment analysts at CIBC from $16.00 to $21.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperformer” rating on the mining company’s stock. CIBC’s price target would indicate a potential upside of 35.07% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Stifel Canada upgraded shares of Kinross Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. National Bank Financial raised Kinross Gold to a “strong-buy” rating in a research report on Friday, March 21st. National Bankshares reaffirmed an “outperform” rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Raymond James Financial raised shares of Kinross Gold to a “hold” rating and set a $15.00 price target for the company in a research note on Monday, June 30th. Finally, BMO Capital Markets assumed coverage on Kinross Gold in a report on Wednesday, April 16th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Kinross Gold currently has a consensus rating of “Buy” and an average target price of $18.00.

Kinross Gold Trading Up 0.9%

Shares of KGC stock opened at $15.55 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 2.83 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $19.07 billion, a P/E ratio of 15.87, a P/E/G ratio of 0.62 and a beta of 0.63. Kinross Gold has a 12-month low of $7.84 and a 12-month high of $16.10. The firm has a 50-day moving average price of $15.09 and a 200 day moving average price of $13.05.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.08. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. The company had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same period last year, the company posted $0.10 earnings per share. The firm’s quarterly revenue was up 38.5% compared to the same quarter last year. Research analysts forecast that Kinross Gold will post 0.81 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its stake in Kinross Gold by 109.3% in the fourth quarter. Jones Financial Companies Lllp now owns 2,704 shares of the mining company’s stock valued at $25,000 after buying an additional 1,412 shares in the last quarter. Atria Investments Inc acquired a new stake in shares of Kinross Gold during the fourth quarter worth $139,000. Raymond James Financial Inc. acquired a new stake in Kinross Gold during the 4th quarter worth about $6,842,000. HighTower Advisors LLC acquired a new stake in Kinross Gold during the fourth quarter worth approximately $114,000. Finally, Natixis Advisors LLC grew its holdings in Kinross Gold by 40.2% in the fourth quarter. Natixis Advisors LLC now owns 140,431 shares of the mining company’s stock worth $1,302,000 after purchasing an additional 40,250 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.