Barclays Bank Plc recently announced the acquisition of new stake in Kinross Gold Corporation (NYSE:KGC). The institutional investor has increased its shareholding in the Basic Materials company by 17.21% to 70.73 million shares with purchase of 10.38 million shares. This fresh investment now brings its stake to 5.44% valued currently at $256.73 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.12 million to 32.36 million shares. And 1832 Asset Management LP has lifted its position by 2.74% or 0.77 million shares – to 28.9 million shares.
With over 14.02 million Kinross Gold Corporation (KGC) shares trading Friday and a closing price of $4.10 on the day, the dollar volume was approximately $57.5 million. The shares have shown a negative half year performance of -8.89% and its price on 11/18/22 gained nearly 0.49%. Currently, there are 1.30B common shares owned by the public and among those 1.30B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 17 analysts who have offered their price forecasts for KGC have a consensus price objective of $5.49. The analysts have set the share’s price value over the next 12 months at a high of $7.54 and a low of $3.50. The average price target is 23.08% above its recent price level and a downside to the estimated low will see the stock lose -17.14% over that period. But an upside of 45.62% will see the stock hit the forecast high price target while median target price for the stock is $5.50.
The top 3 mutual fund holders in Kinross Gold Corporation are VanEck Gold Miners ETF, VanEck Junior Gold Miners ETF, and BlackRock Global Funds – World Go. VanEck Gold Miners ETF owns 70.18 million shares of the company’s stock, all valued at over $254.75 million. The company sold 68632.0 shares recently to bring their total holdings to about 5.40% of the shares outstanding. BlackRock Global Funds – World Go now owns shares totaling to 2.59% of the shares outstanding.
Shares of Kinross Gold Corporation (NYSE: KGC) opened at $4.09, up $0.01 from a prior closing price of $4.08. However, the script later moved the day high at 4.1200, up 0.49%. The company’s stock has a 5-day price change of -4.87% and 17.82% over the past three months. KGC shares are trading -29.43% year to date (YTD), with the 12-month market performance down to -39.88% lower. It has a 12-month low price of $3.00 and touched a high of $6.95 over the same period. KGC has an average intraday trading volume of 18.43 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.25%, 11.66%, and -5.60% respectively.
Institutional ownership of Kinross Gold Corporation (NYSE: KGC) shares accounts for 69.90% of the company’s 1.30B shares outstanding. Mutual fund holders own 12.25%, while other institutional holders and individual stakeholders account for 47.52% and — respectively.
It has a market capitalization of $5.31B and a beta (3y monthly) value of 0.83. The stock’s trailing 12-month PE ratio is 39.05, while the earnings-per-share (ttm) stands at $0.10. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.94% over the week and 4.57% over the month.
Analysts forecast that Kinross Gold Corporation (KGC) will achieve an EPS of $0.07 for the current quarter, $0.08 for the next quarter and $0.8 for 2022. The lowest estimate earnings-per-share for the quarter is $0.03 while analysts give the company a high EPS estimate of $0.1. Comparatively, EPS for the current quarter was $0.25 a year ago. Earnings per share for the fiscal year are expected to decrease by -82.10%, and 36.16% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Kinross Gold Corporation (KGC) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 6 of the 17 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the KGC, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Sector Perform rating for the stock in a research note on April 20, 2022, with the firm’s price target at $6. Credit Suisse coverage for the Kinross Gold Corporation (KGC) stock in a research note released on March 03, 2022 offered a Neutral rating with a price target of $5.25. National Bank Financial was of a view on July 30, 2021 that the stock is Outperform, while Credit Suisse gave the stock Outperform rating on June 23, 2021, issuing a price target of $7.50- $8. National Bank Financial on their part issued Sector Perform rating on June 22, 2021.