Kinross Gold Co. (NYSE:KGC) Sees Large Increase in Short Interest

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

Institutional Trading of Kinross Gold

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Private Advisor Group LLC lifted its holdings in shares of Kinross Gold by 8.7% during the 3rd quarter. Private Advisor Group LLC now owns 12,238 shares of the mining company’s stock valued at $115,000 after purchasing an additional 981 shares during the last quarter. First Trust Direct Indexing L.P. lifted its holdings in shares of Kinross Gold by 2.7% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 47,796 shares of the mining company’s stock valued at $447,000 after purchasing an additional 1,235 shares during the last quarter. Cetera Advisors LLC lifted its holdings in shares of Kinross Gold by 10.1% during the 1st quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock valued at $122,000 after purchasing an additional 1,828 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Kinross Gold by 18.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after purchasing an additional 2,180 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Kinross Gold by 9.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 25,708 shares of the mining company’s stock worth $241,000 after acquiring an additional 2,200 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Down 2.1 %

NYSE KGC traded down $0.22 during midday trading on Wednesday, hitting $10.48. 8,626,502 shares of the company traded hands, compared to its average volume of 15,195,121. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52. The company has a market cap of $12.88 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 0.55 and a beta of 1.24. The company’s 50-day simple moving average is $9.56 and its 200-day simple moving average is $8.53. Kinross Gold has a 52 week low of $4.75 and a 52 week high of $10.82.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.13 by $0.01. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business posted $0.14 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Kinross Gold will post 0.64 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on KGC shares. Scotiabank boosted their price objective on Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. CIBC upped their price objective on Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Jefferies Financial Group upped their target price on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Finally, StockNews.com cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 25th. 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.50.

About Kinross Gold

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.