Wall Street brokerages predict that Kinross Gold Co. (NYSE:KGC) (TSE:K) will post sales of $759.76 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Kinross Gold’s earnings. The highest sales estimate is $760.58 million and the lowest is $758.94 million. Kinross Gold reported sales of $810.30 million in the same quarter last year, which would indicate a negative year over year growth rate of 6.2%. The firm is expected to report its next earnings report on Wednesday, February 13th.
According to Zacks, analysts expect that Kinross Gold will report full year sales of $3.21 billion for the current financial year, with estimates ranging from $3.18 billion to $3.25 billion. For the next year, analysts anticipate that the firm will report sales of $3.14 billion, with estimates ranging from $3.09 billion to $3.17 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Kinross Gold.
Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, November 7th. The mining company reported ($0.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.05). The business had revenue of $753.90 million for the quarter, compared to analyst estimates of $777.48 million. Kinross Gold had a return on equity of 2.81% and a net margin of 6.85%. The company’s revenue was down 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 earnings per share.
KGC has been the subject of several analyst reports. TD Securities cut Kinross Gold from an “action list buy” rating to a “buy” rating and lowered their price objective for the stock from $6.00 to $5.50 in a research report on Saturday, July 14th. ValuEngine cut Kinross Gold from a “sell” rating to a “strong sell” rating in a research report on Friday, August 17th. Royal Bank of Canada cut Kinross Gold from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $5.00 to $4.75 in a research report on Monday, August 20th. They noted that the move was a valuation call. Citigroup lowered their price objective on Kinross Gold from $4.00 to $3.25 and set a “neutral” rating for the company in a research report on Wednesday, August 29th. Finally, Credit Suisse Group initiated coverage on Kinross Gold in a research report on Thursday, September 6th. They set a “neutral” rating and a $4.00 price objective for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $4.28.
Shares of NYSE:KGC traded down $0.07 on Monday, hitting $2.59. 14,953,706 shares of the company’s stock were exchanged, compared to its average volume of 15,140,013. The stock has a market cap of $3.34 billion, a P/E ratio of 18.50 and a beta of 0.22. Kinross Gold has a 1-year low of $2.51 and a 1-year high of $4.78. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.88 and a current ratio of 3.71.
Institutional investors have recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Kinross Gold by 5.4% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,480,440 shares of the mining company’s stock valued at $16,872,000 after purchasing an additional 229,162 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Kinross Gold by 53.6% in the 2nd quarter. Toronto Dominion Bank now owns 6,597,278 shares of the mining company’s stock valued at $24,950,000 after purchasing an additional 2,302,251 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Kinross Gold by 18.8% in the 2nd quarter. Janus Henderson Group PLC now owns 972,943 shares of the mining company’s stock valued at $3,662,000 after purchasing an additional 153,847 shares during the last quarter. Korea Investment CORP lifted its holdings in shares of Kinross Gold by 205.1% in the 2nd quarter. Korea Investment CORP now owns 259,748 shares of the mining company’s stock valued at $977,000 after purchasing an additional 174,600 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Kinross Gold by 40.4% during the 2nd quarter. Legal & General Group Plc now owns 2,914,854 shares of the mining company’s stock valued at $10,968,000 after acquiring an additional 838,584 shares during the last quarter. 53.65% of the stock is owned by institutional investors and hedge funds.
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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