Short Interest in Kinross Gold Co. (NYSE:KGC) Expands By 24.7%

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totalling 10,770,000 shares, an increase of 24.7% from the September 30th total of 8,640,000 shares. Approximately 0.9% of the company’s shares are sold short. Based on an average trading volume of 15,290,000 shares, the short-interest ratio is presently 0.7 days.

Wall Street Analyst Weigh In

Several brokerages have issued reports on KGC. CIBC boosted their target price on Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a research note on Wednesday, July 10th. Scotiabank upped their price target on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. StockNews.com cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 25th. Finally, Jefferies Financial Group raised their target price on shares of Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Kinross Gold Stock Performance

KGC stock traded down $0.22 during trading on Wednesday, hitting $10.48. 17,860,340 shares of the company traded hands, compared to its average volume of 15,239,092. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52. Kinross Gold has a 1 year low of $4.75 and a 1 year high of $10.82. The stock’s 50-day simple moving average is $9.56 and its 200 day simple moving average is $8.53. The company has a market cap of $12.88 billion, a PE ratio of 26.10, a P/E/G ratio of 0.55 and a beta of 1.24.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.01. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The business’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.14 EPS. On average, equities analysts expect that Kinross Gold will post 0.64 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Atlas Capital Advisors LLC acquired a new stake in shares of Kinross Gold in the 2nd quarter valued at approximately $40,000. Advisor Resource Council purchased a new position in shares of Kinross Gold in the 1st quarter worth $60,000. Bright Futures Wealth Management LLC. purchased a new stake in shares of Kinross Gold during the 1st quarter worth about $70,000. Fifth Third Bancorp boosted its position in Kinross Gold by 3,524.4% during the 2nd quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock worth $80,000 after purchasing an additional 9,375 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Kinross Gold by 113.1% in the 2nd quarter. Blue Trust Inc. now owns 11,327 shares of the mining company’s stock worth $94,000 after acquiring an additional 6,011 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.