Short Interest in Kinross Gold Co. (NYSE:KGC) Drops By 9.9%

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the recipient of a significant drop in short interest in September. As of September 15th, there was short interest totalling 13,150,000 shares, a drop of 9.9% from the August 15th total of 14,600,000 shares. Based on an average trading volume of 15,490,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 1.1% of the company’s stock are short sold.

Several equities analysts have recently weighed in on the company. ValuEngine downgraded Kinross Gold from a “buy” rating to a “hold” rating in a report on Friday. Canaccord Genuity reaffirmed a “buy” rating on shares of Kinross Gold in a research report on Friday, July 19th. TD Securities increased their price objective on Kinross Gold from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Royal Bank of Canada increased their price objective on Kinross Gold from $5.50 to $6.00 and gave the company a “sector perform” rating in a research report on Monday, September 23rd. Finally, Citigroup increased their price objective on Kinross Gold from $4.00 to $5.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Kinross Gold has an average rating of “Hold” and an average price target of $4.45.

Shares of Kinross Gold stock traded down $0.20 during trading on Monday, hitting $4.60. 18,499,500 shares of the company’s stock traded hands, compared to its average volume of 12,581,884. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.88 and a quick ratio of 1.16. Kinross Gold has a 1 year low of $2.38 and a 1 year high of $5.47. The stock has a market capitalization of $5.90 billion, a P/E ratio of 46.00 and a beta of -0.06. The business has a 50-day simple moving average of $4.96 and a 200-day simple moving average of $3.95.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $837.80 million for the quarter, compared to analysts’ expectations of $820.97 million. Kinross Gold had a return on equity of 2.78% and a net margin of 0.13%. Kinross Gold’s revenue was up 8.1% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. On average, equities analysts predict that Kinross Gold will post 0.26 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in KGC. Price T Rowe Associates Inc. MD boosted its position in Kinross Gold by 8,141.0% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,884,336 shares of the mining company’s stock worth $11,169,000 after purchasing an additional 2,849,336 shares during the last quarter. Morgan Stanley lifted its position in shares of Kinross Gold by 15.9% during the 2nd quarter. Morgan Stanley now owns 19,222,953 shares of the mining company’s stock valued at $74,584,000 after buying an additional 2,640,448 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Kinross Gold by 4,499.6% during the 2nd quarter. Acadian Asset Management LLC now owns 2,320,244 shares of the mining company’s stock valued at $8,985,000 after buying an additional 2,269,800 shares in the last quarter. Polunin Capital Partners Ltd lifted its position in shares of Kinross Gold by 19.0% during the 2nd quarter. Polunin Capital Partners Ltd now owns 11,306,111 shares of the mining company’s stock valued at $45,450,000 after buying an additional 1,806,103 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Kinross Gold by 2.6% during the 2nd quarter. Vanguard Group Inc. now owns 37,111,808 shares of the mining company’s stock valued at $143,993,000 after buying an additional 955,512 shares in the last quarter. 54.83% of the stock is currently owned by institutional investors and hedge funds.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the reclamation of gold mining properties; and production and sale of silver.

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