Scotiabank Cuts Kinross Gold (NYSE:KGC) Price Target to $41.00

Kinross Gold (NYSE:KGC) (TSE:K) had its target price reduced by Scotiabank from $45.00 to $41.00 in a report released on Tuesday morning, MarketBeat.com reports. They currently have a sector outperform rating on the mining company’s stock.

KGC has been the subject of several other reports. Weiss Ratings cut Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. UBS Group lowered their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. ATB Cormark Capital Markets raised shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. Finally, Jefferies Financial Group lowered their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.31.

Kinross Gold Price Performance

Kinross Gold stock opened at $22.95 on Tuesday. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. Kinross Gold has a 52-week low of $15.10 and a 52-week high of $39.11. The firm has a market cap of $27.22 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 0.62 and a beta of 0.78. The company’s 50 day moving average is $26.65 and its two-hundred day moving average is $30.39.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The company’s quarterly revenue was up 60.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. On average, research analysts expect that Kinross Gold will post 2.7 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Thursday, May 21st. Kinross Gold’s dividend payout ratio (DPR) is 6.78%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its position in shares of Kinross Gold by 35.1% in the 1st quarter. AQR Capital Management LLC now owns 70,370 shares of the mining company’s stock valued at $887,000 after buying an additional 18,287 shares during the last quarter. Caxton Associates LLP acquired a new position in Kinross Gold in the first quarter valued at $158,000. Sivia Capital Partners LLC purchased a new position in shares of Kinross Gold during the second quarter worth about $167,000. M&T Bank Corp grew its holdings in shares of Kinross Gold by 9.0% during the second quarter. M&T Bank Corp now owns 16,153 shares of the mining company’s stock worth $252,000 after purchasing an additional 1,328 shares during the last quarter. Finally, AXA S.A. acquired a new stake in shares of Kinross Gold during the second quarter worth about $2,483,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

About Kinross Gold

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.