CIBC Increases Kinross Gold (NYSE:KGC) Price Target to $37.00

Kinross Gold (NYSE:KGC) (TSE:K) had its price objective lifted by research analysts at CIBC from $36.00 to $37.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the mining company’s stock. CIBC’s target price points to a potential upside of 51.24% from the stock’s current price.

A number of other equities research analysts have also commented on KGC. TD Securities upped their price target on Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Scotiabank restated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $27.69.

Kinross Gold Stock Down 4.3%

Shares of NYSE:KGC traded down $1.10 during mid-day trading on Thursday, reaching $24.47. 5,330,707 shares of the stock were exchanged, compared to its average volume of 19,135,543. Kinross Gold has a one year low of $8.99 and a one year high of $27.84. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $24.36 and its 200-day simple moving average is $19.37. The company has a market cap of $29.53 billion, a P/E ratio of 19.72, a P/E/G ratio of 0.42 and a beta of 0.60.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The business’s quarterly revenue was up 25.8% on a year-over-year basis. As a group, equities research analysts predict that Kinross Gold will post 0.81 EPS for the current year.

Hedge Funds Weigh In On Kinross Gold

Large investors have recently added to or reduced their stakes in the business. Laird Norton Wetherby Wealth Management LLC lifted its stake in shares of Kinross Gold by 2.1% in the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock valued at $629,000 after acquiring an additional 521 shares during the last quarter. Ballentine Partners LLC grew its holdings in Kinross Gold by 1.8% in the 3rd quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company’s stock worth $799,000 after acquiring an additional 565 shares during the last quarter. Cadence Wealth Management LLC raised its position in Kinross Gold by 1.3% during the 3rd quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock valued at $1,149,000 after purchasing an additional 581 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Kinross Gold by 7.0% in the 3rd quarter. Parallel Advisors LLC now owns 9,018 shares of the mining company’s stock worth $224,000 after buying an additional 587 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after acquiring an additional 589 shares in the last quarter. Hedge funds and other institutional investors own 63.69% 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 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.