Kinross Gold Co. (NYSE:KGC) Short Interest Up 31.6% in September

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 17,300,000 shares, a growth of 31.6% from the August 30th total of 13,150,000 shares. Based on an average trading volume of 15,800,000 shares, the days-to-cover ratio is presently 1.1 days. Currently, 1.4% of the company’s stock are sold short.

KGC stock traded down $0.15 on Friday, hitting $4.60. 13,826,321 shares of the company’s stock were exchanged, compared to its average volume of 16,306,030. Kinross Gold has a 12-month low of $2.38 and a 12-month high of $5.47. The firm has a 50 day moving average price of $4.96 and a two-hundred day moving average price of $4.03. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.16 and a current ratio of 2.88. The stock has a market cap of $6.02 billion, a P/E ratio of 46.00 and a beta of -0.14.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 31st. The mining company reported $0.06 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.03. Kinross Gold had a return on equity of 2.78% and a net margin of 0.13%. The firm had revenue of $837.80 million for the quarter, compared to the consensus estimate of $820.97 million. During the same period in the previous year, the business earned $0.03 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Sell-side analysts expect that Kinross Gold will post 0.27 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. grew its stake in Kinross Gold by 15.2% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 3,310,516 shares of the mining company’s stock valued at $11,388,000 after purchasing an additional 435,736 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in Kinross Gold by 12.9% during the 2nd quarter. Crossmark Global Holdings Inc. now owns 109,878 shares of the mining company’s stock valued at $426,000 after purchasing an additional 12,584 shares during the last quarter. Exane Derivatives grew its stake in Kinross Gold by 267.4% during the 2nd quarter. Exane Derivatives now owns 164,896 shares of the mining company’s stock valued at $640,000 after purchasing an additional 120,013 shares during the last quarter. NN Investment Partners Holdings N.V. grew its stake in Kinross Gold by 36.4% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,081,049 shares of the mining company’s stock valued at $4,194,000 after purchasing an additional 288,588 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in Kinross Gold by 25.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 2,389,722 shares of the mining company’s stock valued at $9,272,000 after purchasing an additional 481,674 shares during the last quarter. Hedge funds and other institutional investors own 54.83% of the company’s stock.

A number of brokerages have recently issued reports on KGC. ValuEngine downgraded Kinross Gold from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Citigroup lifted their price target on Kinross Gold from $4.00 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Raymond James reiterated an “outperform” rating and issued a $5.00 price target on shares of Kinross Gold in a report on Friday, August 2nd. TD Securities boosted their target price on Kinross Gold from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their target price on Kinross Gold from $5.50 to $6.00 and gave the stock a “sector perform” rating in a research note on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $4.50.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the reclamation of gold mining properties; and production and sale of silver.

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