Kinross Gold (KGC) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. They currently have $3.50 target price on the mining company’s stock.

According to Zacks, “Kinross is making steady progress in advancing the projects that provide it strong growth profile among leading gold producers. The Tasiast expansion is expected to contribute to growth in the future. Also, it is focused on managing costs and improving cash flow.”

A number of other brokerages have also recently issued reports on KGC. ValuEngine cut Kinross Gold from a buy rating to a hold rating in a research note on Saturday, January 5th. Credit Suisse Group reiterated a hold rating and set a $3.00 price objective on shares of Kinross Gold in a research note on Thursday, February 7th. Finally, Raymond James reiterated an outperform rating and set a $4.50 price objective on shares of Kinross Gold in a research note on Thursday, February 14th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Kinross Gold currently has a consensus rating of Hold and a consensus target price of $4.02.

NYSE KGC opened at $3.15 on Tuesday. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 31.50 and a beta of -0.09. The company has a current ratio of 2.61, a quick ratio of 0.89 and a debt-to-equity ratio of 0.38. Kinross Gold has a 52 week low of $2.38 and a 52 week high of $4.12.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, February 13th. The mining company reported $0.01 earnings per share (EPS) for the quarter. Kinross Gold had a positive return on equity of 2.78% and a negative net margin of 0.73%. The company had revenue of $786.50 million for the quarter, compared to analysts’ expectations of $761.30 million. During the same quarter in the prior year, the business posted $0.01 EPS. The business’s revenue was down 2.9% compared to the same quarter last year. As a group, equities analysts expect that Kinross Gold will post 0.13 EPS for the current year.

Several institutional investors have recently made changes to their positions in KGC. Mercer Global Advisors Inc. ADV acquired a new position in shares of Kinross Gold during the 1st quarter worth approximately $33,000. Virtu Financial LLC boosted its holdings in Kinross Gold by 139.3% in the first quarter. Virtu Financial LLC now owns 151,931 shares of the mining company’s stock valued at $523,000 after purchasing an additional 88,428 shares during the last quarter. Deutsche Bank AG boosted its holdings in Kinross Gold by 102.9% in the fourth quarter. Deutsche Bank AG now owns 11,376,403 shares of the mining company’s stock valued at $36,855,000 after purchasing an additional 5,769,102 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Kinross Gold by 16.0% in the fourth quarter. Geode Capital Management LLC now owns 1,067,276 shares of the mining company’s stock valued at $3,413,000 after purchasing an additional 146,939 shares during the last quarter. Finally, Norges Bank purchased a new stake in Kinross Gold in the fourth quarter valued at $47,922,000. Institutional investors own 61.22% 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 in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the reclamation of gold mining properties; and production and sale of silver.

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