Trade Report: Today: Bank of America Corp. Downgrade Kinross Gold Corp. (KGC) to Neutral

Today: Bank of America Corp. Downgrade Kinross Gold Corp. (KGC) to Neutral

Kinross Gold Corp. (NYSE:KGC) (TSE:K) was downgraded by equities researchers at Bank of America Corp. from a “buy” rating to a “neutral” rating in a note issued to investors on Monday.

KGC has been the subject of several other reports. RBC Capital Markets reissued an “outperform” rating on shares of Kinross Gold Corp. in a research note on Tuesday, November 1st. Vetr upgraded shares of Kinross Gold Corp. from a “buy” rating to a “strong-buy” rating and set a $5.63 price objective on the stock in a research report on Monday, August 22nd. Zacks Investment Research upgraded shares of Kinross Gold Corp. from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research report on Thursday, August 4th. Berenberg Bank began coverage on shares of Kinross Gold Corp. in a research report on Wednesday, September 7th. They issued a “hold” rating and a $4.60 price objective on the stock. Finally, Citigroup Inc. began coverage on shares of Kinross Gold Corp. in a research report on Tuesday, August 2nd. They issued a “neutral” rating and a $5.50 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Kinross Gold Corp. currently has an average rating of “Hold” and an average price target of $5.53.

Kinross Gold Corp. (NYSE:KGC) opened at 3.17 on Monday. The company’s market cap is $3.95 billion. Kinross Gold Corp. has a 52-week low of $1.31 and a 52-week high of $5.82. The stock’s 50 day moving average is $3.69 and its 200-day moving average is $4.54.

Kinross Gold Corp. (NYSE:KGC) last posted its quarterly earnings results on Wednesday, November 2nd. The mining company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.05. The business earned $910.20 million during the quarter, compared to the consensus estimate of $915.18 million. Kinross Gold Corp. had a negative net margin of 26.82% and a positive return on equity of 1.23%. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.02) earnings per share. Equities research analysts predict that Kinross Gold Corp. will post $0.12 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of KGC. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its position in shares of Kinross Gold Corp. by 143.8% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 9,252,278 shares of the mining company’s stock worth $58,659,000 after buying an additional 5,456,845 shares during the period. Arlington Capital Management Inc. bought a new position in shares of Kinross Gold Corp. during the second quarter worth $10,256,000. Turner Investments L.P. bought a new position in shares of Kinross Gold Corp. during the second quarter worth $811,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Kinross Gold Corp. during the second quarter worth $492,000. Finally, TD Asset Management Inc. increased its position in shares of Kinross Gold Corp. by 14.7% in the second quarter. TD Asset Management Inc. now owns 9,719,340 shares of the mining company’s stock worth $47,448,000 after buying an additional 1,245,240 shares during the period. Hedge funds and other institutional investors own 60.53% of the company’s stock.

Kinross Gold Corp. Company Profile

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