Kinross Gold (NYSE:KGC) Announces Quarterly Earnings Results

Kinross Gold (NYSE:KGC) (TSE:K) posted its earnings results on Tuesday. The mining company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05, Zacks reports. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.During the same quarter last year, the company earned $0.24 EPS. The company’s quarterly revenue was up 25.8% compared to the same quarter last year.

Kinross Gold Price Performance

Shares of NYSE:KGC traded down $0.95 during midday trading on Tuesday, reaching $22.45. 8,892,897 shares of the company’s stock were exchanged, compared to its average volume of 19,679,373. The company’s 50 day simple moving average is $23.59 and its two-hundred day simple moving average is $18.59. The firm has a market capitalization of $27.16 billion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 0.42 and a beta of 0.64. Kinross Gold has a 12 month low of $8.99 and a 12 month high of $27.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84.

Hedge Funds Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in KGC. Man Group plc lifted its holdings 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 worth $261,646,000 after acquiring an additional 5,411,491 shares during the period. Bank of America Corp DE increased its position 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 worth $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of Kinross Gold by 5.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 6,723,131 shares of the mining company’s stock worth $105,129,000 after purchasing an additional 336,100 shares in the last quarter. AXA S.A. acquired a new stake in shares of Kinross Gold during the 2nd quarter worth about $2,483,000. Finally, Clough Capital Partners L P acquired a new stake in shares of Kinross Gold during the 2nd quarter worth about $1,823,000. 63.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on KGC shares. Canaccord Genuity Group upped their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a report on Thursday, August 7th. Cormark downgraded shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. UBS Group upped their price objective on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a report on Friday. Finally, Raymond James Financial upped their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $27.56.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.