Kinross Gold Corp. Forecasted to Post FY2016 Earnings of $0.07 Per Share (KGC)
Kinross Gold Corp. (NYSE:KGC) – Equities researchers at Jefferies Group lowered their FY2016 earnings per share estimates for shares of Kinross Gold Corp. in a research report issued on Friday. Jefferies Group analyst C. Lafemina now forecasts that the firm will earn $0.07 per share for the year, down from their prior estimate of $0.13. Jefferies Group currently has a “Hold” rating and a $6.00 target price on the stock.
A number of other brokerages also recently weighed in on KGC. Macquarie raised shares of Kinross Gold Corp. from an “underperform” rating to a “neutral” rating in a research note on Friday, July 1st. BMO Capital Markets reissued a “buy” rating and set a $6.50 target price on shares of Kinross Gold Corp. in a research note on Thursday, July 28th. Royal Bank Of Canada reissued an “outperform” rating on shares of Kinross Gold Corp. in a research note on Thursday, June 30th. RBC Capital Markets reissued an “outperform” rating and set a $10.00 target price on shares of Kinross Gold Corp. in a research note on Sunday, September 25th. Finally, HSBC reissued a “buy” rating on shares of Kinross Gold Corp. in a research note on Thursday, July 7th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $5.43.
Shares of Kinross Gold Corp. (NYSE:KGC) opened at 3.62 on Monday. The stock has a 50 day moving average of $4.09 and a 200-day moving average of $4.69. Kinross Gold Corp. has a one year low of $1.31 and a one year high of $5.82. The company’s market capitalization is $4.51 billion.
Kinross Gold Corp. (NYSE:KGC) last issued its quarterly earnings results on Wednesday, July 27th. The mining company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.01 by $0.02. Kinross Gold Corp. had a negative return on equity of 2.35% and a negative net margin of 29.41%. The business had revenue of $876.40 million for the quarter, compared to the consensus estimate of $841.98 million. During the same period last year, the firm earned ($0.01) earnings per share. The company’s quarterly revenue was up 16.0% compared to the same quarter last year.
Hedge funds have recently made changes to their positions in the company. Turner Investments L.P. bought a new stake in shares of Kinross Gold Corp. during the second quarter valued at approximately $811,000. AMP Capital Investors Ltd raised its stake in shares of Kinross Gold Corp. by 55.8% in the first quarter. AMP Capital Investors Ltd now owns 1,493,882 shares of the mining company’s stock valued at $5,151,000 after buying an additional 534,795 shares in the last quarter. Moore Capital Management LP bought a new stake in shares of Kinross Gold Corp. during the first quarter valued at approximately $8,976,000. Bayesian Capital Management LP bought a new stake in shares of Kinross Gold Corp. during the first quarter valued at approximately $121,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Kinross Gold Corp. during the second quarter valued at approximately $492,000. 62.06% of the stock is currently owned by institutional investors and hedge funds.
About Kinross Gold Corp.
Kinross Gold Corporation is gold mining company. The Company is engaged in gold mining and related activities, including exploration and acquisition of gold-bearing properties, the extraction and processing of gold-containing ore, and reclamation of gold mining properties. Its segments include Fort Knox, Round Mountain, Kettle River-Buckhorn, Kupol, Paracatu, Maricunga, Tasiast and Chirano.
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