Kinross Gold Co. (NYSE:KGC) Sees Significant Drop in Short Interest

Kinross Gold Co. (NYSE:KGC) (TSE:K) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 8,640,000 shares, a decline of 39.4% from the September 15th total of 14,260,000 shares. Currently, 0.7% of the company’s shares are short sold. Based on an average daily trading volume, of 15,920,000 shares, the days-to-cover ratio is currently 0.5 days.

Kinross Gold Stock Down 0.3 %

NYSE:KGC opened at $9.82 on Monday. The stock has a market cap of $12.07 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 0.54 and a beta of 1.24. The company has a current ratio of 1.27, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $9.17 and a two-hundred day moving average price of $8.18. Kinross Gold has a 1 year low of $4.75 and a 1 year high of $10.10.

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 for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the previous year, the firm posted $0.14 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. As a group, equities analysts expect that Kinross Gold will post 0.61 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s dividend payout ratio is 33.33%.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of KGC. Virtu Financial LLC bought a new stake in Kinross Gold in the 4th quarter valued at approximately $366,000. Goldman Sachs Group Inc. lifted its position in shares of Kinross Gold by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 4,677,952 shares of the mining company’s stock worth $28,302,000 after purchasing an additional 170,761 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Kinross Gold by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 44,932,404 shares of the mining company’s stock worth $271,841,000 after purchasing an additional 528,121 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Kinross Gold in the fourth quarter valued at $63,000. Finally, 180 Wealth Advisors LLC increased its stake in Kinross Gold by 13.1% in the 1st quarter. 180 Wealth Advisors LLC now owns 43,046 shares of the mining company’s stock valued at $264,000 after buying an additional 4,989 shares during the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

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.