Kinross Gold (KGC) Posts Earnings Results, Misses Expectations By $0.05 EPS

Kinross Gold (NYSE:KGC) (TSE:K) posted its earnings results on Wednesday. The mining company reported ($0.04) EPS for the quarter, missing the Zacks’ consensus estimate of $0.01 by ($0.05), Briefing.com reports. Kinross Gold had a return on equity of 5.73% and a net margin of 11.67%. The firm had revenue of $753.90 million for the quarter, compared to analyst estimates of $777.48 million. During the same quarter last year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis.

KGC stock traded up $0.01 during trading on Thursday, hitting $2.68. The company had a trading volume of 953,150 shares, compared to its average volume of 15,125,552. The stock has a market capitalization of $3.38 billion, a PE ratio of 19.18 and a beta of 0.22. Kinross Gold has a 1-year low of $2.57 and a 1-year high of $4.78. The company has a quick ratio of 1.88, a current ratio of 3.71 and a debt-to-equity ratio of 0.37.

A number of research firms have recently commented on KGC. Royal Bank of Canada reiterated a “hold” rating on shares of Kinross Gold in a research report on Thursday. TD Securities cut Kinross Gold from an “action list buy” rating to a “buy” rating and cut their target price for the stock from $6.00 to $5.50 in a research report on Saturday, July 14th. Credit Suisse Group set a $4.00 target price on Kinross Gold and gave the stock a “hold” rating in a research report on Tuesday, September 25th. ValuEngine cut Kinross Gold from a “sell” rating to a “strong sell” rating in a research report on Friday, August 17th. Finally, Barclays began coverage on Kinross Gold in a research report on Wednesday, October 10th. They set an “overweight” rating and a $4.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $4.33.

A number of hedge funds have recently modified their holdings of the stock. Tobam increased its position in Kinross Gold by 22.8% in the 3rd quarter. Tobam now owns 6,193,118 shares of the mining company’s stock valued at $16,865,000 after acquiring an additional 1,148,000 shares during the period. JPMorgan Chase & Co. increased its position in Kinross Gold by 280.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,706,930 shares of the mining company’s stock valued at $91,009,000 after acquiring an additional 24,835,671 shares during the period. Ruffer LLP increased its position in Kinross Gold by 33.9% in the 3rd quarter. Ruffer LLP now owns 54,719,689 shares of the mining company’s stock valued at $143,370,000 after acquiring an additional 13,844,767 shares during the period. SG Americas Securities LLC increased its position in Kinross Gold by 44.8% in the 3rd quarter. SG Americas Securities LLC now owns 517,967 shares of the mining company’s stock valued at $1,399,000 after acquiring an additional 160,366 shares during the period. Finally, Gabelli Funds LLC increased its position in Kinross Gold by 123.1% in the 3rd quarter. Gabelli Funds LLC now owns 435,000 shares of the mining company’s stock valued at $1,175,000 after acquiring an additional 240,000 shares during the period. Hedge funds and other institutional investors own 53.65% of the company’s stock.

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About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, extraction, and processing of gold-containing ore. It also engages in the reclamation of gold mining properties; and production and sale of silver. The company's gold production and exploration activities are carried out principally in Canada, the United States, Russia, Brazil, Chile, Ghana, and Mauritania.

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Earnings History for Kinross Gold (NYSE:KGC)

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