National Bank Financial Equities Analysts Reduce Earnings Estimates for Kinross Gold Corp. (KGC)
Kinross Gold Corp. (NYSE:KGC) – Equities research analysts at National Bank Financial lowered their FY2016 earnings per share estimates for Kinross Gold Corp. in a research note issued to investors on Wednesday. National Bank Financial analyst S. Parsons now anticipates that the brokerage will earn ($0.01) per share for the year, down from their prior forecast of $0.09. National Bank Financial also issued estimates for Kinross Gold Corp.’s FY2017 earnings at $0.12 EPS.
Kinross Gold Corp. (NYSE:KGC) last announced its earnings results on Wednesday, July 27th. The mining company reported ($0.01) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.02. The firm earned $876.40 million during the quarter, compared to the consensus estimate of $841.98 million. Kinross Gold Corp. had a negative return on equity of 2.35% and a negative net margin of 29.41%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) earnings per share.
A number of other brokerages also recently issued reports on KGC. Macquarie raised Kinross Gold Corp. from an “underperform” rating to a “neutral” rating in a research note on Friday, July 1st. BMO Capital Markets reaffirmed a “buy” rating and issued a $6.50 target price on shares of Kinross Gold Corp. in a research note on Thursday, July 28th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Kinross Gold Corp. in a report on Thursday, June 30th. RBC Capital Markets reiterated an “outperform” rating and set a $10.00 price target on shares of Kinross Gold Corp. in a report on Sunday, September 25th. Finally, HSBC reiterated a “buy” rating on shares of Kinross Gold Corp. in a report on Thursday, July 7th. Ten investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $5.43.
Kinross Gold Corp. (NYSE:KGC) opened at 3.62 on Monday. The company’s market capitalization is $4.51 billion. Kinross Gold Corp. has a one year low of $1.31 and a one year high of $5.82. The firm has a 50-day moving average of $4.09 and a 200-day moving average of $4.69.
Several large investors have recently modified their holdings of KGC. Concert Wealth Management Inc. raised its stake in shares of Kinross Gold Corp. by 8.4% in the second quarter. Concert Wealth Management Inc. now owns 21,675 shares of the mining company’s stock valued at $106,000 after buying an additional 1,675 shares during the period. Bayesian Capital Management LP purchased a new position in Kinross Gold Corp. during the first quarter valued at approximately $121,000. Quantitative Systematic Strategies LLC purchased a new position in Kinross Gold Corp. during the second quarter valued at approximately $169,000. IFP Advisors Inc raised its position in Kinross Gold Corp. by 52.9% in the second quarter. IFP Advisors Inc now owns 42,620 shares of the mining company’s stock valued at $208,000 after buying an additional 14,750 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in Kinross Gold Corp. during the second quarter valued at approximately $216,000. 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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