Kinross Gold (KGC) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

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

Shares of KGC stock traded down $0.08 during trading hours on Friday, reaching $2.59. The stock had a trading volume of 10,827,238 shares, compared to its average volume of 15,125,552. The company has a current ratio of 3.71, a quick ratio of 1.88 and a debt-to-equity ratio of 0.37. Kinross Gold has a 12 month low of $2.51 and a 12 month high of $4.78. The firm has a market capitalization of $3.38 billion, a P/E ratio of 18.46 and a beta of 0.22.

Several hedge funds have recently added to or reduced their stakes in the company. Regentatlantic Capital LLC boosted its position in shares of Kinross Gold by 152.1% in the second quarter. Regentatlantic Capital LLC now owns 28,135 shares of the mining company’s stock valued at $106,000 after acquiring an additional 16,975 shares during the period. GAM Holding AG boosted its position in shares of Kinross Gold by 17.7% in the second quarter. GAM Holding AG now owns 225,404 shares of the mining company’s stock valued at $848,000 after acquiring an additional 33,850 shares during the period. Investec Asset Management LTD boosted its position in shares of Kinross Gold by 1.2% in the second quarter. Investec Asset Management LTD now owns 4,096,170 shares of the mining company’s stock valued at $15,409,000 after acquiring an additional 48,060 shares during the period. Vanguard Capital Wealth Advisors bought a new position in shares of Kinross Gold in the second quarter valued at approximately $182,000. Finally, Gamco Investors INC. ET AL boosted its position in shares of Kinross Gold by 126.2% in the third quarter. Gamco Investors INC. ET AL now owns 101,800 shares of the mining company’s stock valued at $275,000 after acquiring an additional 56,800 shares during the period. Institutional investors own 53.65% of the company’s stock.

KGC has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Kinross Gold from a “hold” rating to a “sell” rating in a research note on Monday, October 8th. BMO Capital Markets reiterated a “hold” rating and issued a $3.50 target price on shares of Kinross Gold in a research note on Friday, September 21st. Deutsche Bank set a $4.00 target price on shares of Kinross Gold and gave the stock a “hold” rating in a research note on Tuesday, October 2nd. Royal Bank of Canada downgraded shares of Kinross Gold from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $5.00 to $4.75 in a research note on Monday, August 20th. They noted that the move was a valuation call. Finally, TD Securities downgraded shares of Kinross Gold from an “action list buy” rating to a “buy” rating and reduced their target price for the stock from $6.00 to $5.50 in a research note on Saturday, July 14th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $4.28.

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Kinross Gold Company Profile

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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