Brokerages Expect Kinross Gold Co. (KGC) Will Post Quarterly Sales of $780.20 Million

Brokerages expect that Kinross Gold Co. (NYSE:KGC) (TSE:K) will report $780.20 million in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Kinross Gold’s earnings, with the lowest sales estimate coming in at $747.38 million and the highest estimate coming in at $813.01 million. Kinross Gold reported sales of $828.00 million during the same quarter last year, which would indicate a negative year over year growth rate of 5.8%. The business is expected to announce its next earnings report on Wednesday, November 14th.

According to Zacks, analysts expect that Kinross Gold will report full-year sales of $3.23 billion for the current year, with estimates ranging from $3.18 billion to $3.25 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.18 billion, with estimates ranging from $3.15 billion to $3.24 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Kinross Gold.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, August 1st. The mining company reported $0.03 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.03. The firm had revenue of $775.00 million during the quarter, compared to analyst estimates of $803.96 million. Kinross Gold had a net margin of 11.67% and a return on equity of 5.73%. The business’s revenue for the quarter was down 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.04 EPS.

A number of research firms have issued reports on KGC. Credit Suisse Group set a $4.00 price objective on shares of Kinross Gold and gave the company a “hold” rating in a report on Tuesday. BMO Capital Markets reissued a “hold” rating and issued a $3.50 price objective on shares of Kinross Gold in a report on Friday, September 21st. JPMorgan Chase & Co. cut their price objective on shares of Kinross Gold from $6.00 to $5.00 and set a “neutral” rating for the company in a report on Monday, September 17th. Citigroup cut their price objective on shares of Kinross Gold from $4.00 to $3.25 and set a “neutral” rating for the company in a report on Wednesday, August 29th. Finally, Royal Bank of Canada downgraded shares of Kinross Gold from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $5.00 to $4.75 in a report on Monday, August 20th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $4.35.

A number of hedge funds have recently added to or reduced their stakes in KGC. Regentatlantic Capital LLC increased its position in Kinross Gold by 152.1% in the 2nd quarter. Regentatlantic Capital LLC now owns 28,135 shares of the mining company’s stock valued at $106,000 after acquiring an additional 16,975 shares during the period. Vanguard Capital Wealth Advisors acquired a new position in Kinross Gold in the 2nd quarter valued at approximately $182,000. Nomura Holdings Inc. acquired a new position in Kinross Gold in the 2nd quarter valued at approximately $248,000. Tower Research Capital LLC TRC increased its position in Kinross Gold by 4,393.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 96,161 shares of the mining company’s stock valued at $362,000 after acquiring an additional 94,021 shares during the period. Finally, GSA Capital Partners LLP increased its position in Kinross Gold by 209.1% in the 1st quarter. GSA Capital Partners LLP now owns 97,619 shares of the mining company’s stock valued at $386,000 after acquiring an additional 66,036 shares during the period. Institutional investors and hedge funds own 53.67% of the company’s stock.

NYSE KGC traded down $0.09 during trading on Monday, reaching $2.74. The company’s stock had a trading volume of 474,609 shares, compared to its average volume of 8,966,586. The company has a quick ratio of 1.88, a current ratio of 3.71 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $3.71 billion, a P/E ratio of 19.86 and a beta of 0.11. Kinross Gold has a 12 month low of $2.67 and a 12 month high of $4.78.

Kinross Gold Company Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, extraction, and processing of gold-containing ore. It also engages in the reclamation of gold mining properties; and production and sale of silver. The company's gold production and exploration activities are carried out principally in Canada, the United States, Russia, Brazil, Chile, Ghana, and Mauritania.

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Earnings History and Estimates for Kinross Gold (NYSE:KGC)

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