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

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the target of a significant growth in short interest during 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 currently 0.7 days. Approximately 0.9% of the company’s shares are sold short.

Institutional Trading of Kinross Gold

A number of hedge funds have recently made changes to their positions in the stock. Intact Investment Management Inc. acquired a new position in Kinross Gold in the third quarter worth $340,000. US Bancorp DE boosted its holdings in shares of Kinross Gold by 33.4% during the third quarter. US Bancorp DE now owns 45,521 shares of the mining company’s stock valued at $426,000 after acquiring an additional 11,394 shares during the period. First Trust Direct Indexing L.P. boosted its holdings in shares of Kinross Gold by 2.7% during the third quarter. First Trust Direct Indexing L.P. now owns 47,796 shares of the mining company’s stock valued at $447,000 after acquiring an additional 1,235 shares during the period. Asahi Life Asset Management CO. LTD. bought a new position in shares of Kinross Gold during the third quarter worth about $319,000. Finally, Leuthold Group LLC bought a new position in shares of Kinross Gold during the third quarter worth about $2,372,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Stock Down 2.1 %

Shares of KGC traded down $0.22 during mid-day trading on Wednesday, reaching $10.48. 18,039,367 shares of the stock traded hands, compared to its average volume of 15,239,942. The firm has a market cap of $12.88 billion, a price-to-earnings ratio of 26.10, a P/E/G ratio of 0.55 and a beta of 1.24. The stock has a fifty day simple moving average of $9.56 and a 200 day simple moving average of $8.53. Kinross Gold has a 12-month low of $4.75 and a 12-month high of $10.82. The company has a quick ratio of 0.52, a current ratio of 1.27 and a debt-to-equity ratio of 0.19.

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

Wall Street Analysts Forecast Growth

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