UBS Group Lowers Kinross Gold (NYSE:KGC) Price Target to $37.00

Kinross Gold (NYSE:KGC) (TSE:K) had its target price cut by UBS Group from $43.00 to $37.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the mining company’s stock. UBS Group’s target price points to a potential upside of 29.00% from the stock’s current price.

KGC has been the topic of a number of other research reports. Jefferies Financial Group reissued a “buy” rating and issued a $33.00 target price on shares of Kinross Gold in a report on Sunday, December 7th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research report on Wednesday, January 28th. Royal Bank Of Canada raised shares of Kinross Gold from a “sector perform” rating to an “outperform” rating and upped their target price for the company from $36.00 to $45.00 in a report on Thursday, March 12th. Zacks Research cut shares of Kinross Gold from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Desjardins began coverage on shares of Kinross Gold in a research note on Friday, November 28th. They set a “buy” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.81.

Kinross Gold Stock Up 2.8%

Shares of Kinross Gold stock opened at $28.68 on Friday. The company has a market cap of $34.35 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 1.41 and a beta of 0.73. The company’s 50 day moving average is $33.20 and its 200 day moving average is $28.72. Kinross Gold has a twelve month low of $11.12 and a twelve month high of $39.11. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm’s revenue was up 42.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. Research analysts anticipate that Kinross Gold will post 0.81 EPS for the current year.

Institutional Investors Weigh In On Kinross Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Kinross Gold during the second quarter valued at approximately $389,025,000. Van ECK Associates Corp increased its stake in shares of Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock worth $2,682,791,000 after purchasing an additional 7,825,336 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Kinross Gold by 4,443.4% during the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock valued at $189,808,000 after purchasing an additional 6,590,380 shares during the period. Man Group plc raised its position in shares of Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Kinross Gold by 81.2% during the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after buying an additional 3,617,320 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.