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

Kinross Gold Co. (NYSE:KGC) (TSE:K) saw a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 7,980,000 shares, an increase of 7.1% from the December 31st total of 7,450,000 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average trading volume of 16,430,000 shares, the short-interest ratio is currently 0.5 days.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its holdings in shares of Kinross Gold by 60.2% in the 2nd quarter. Envestnet Asset Management Inc. now owns 265,650 shares of the mining company’s stock valued at $2,210,000 after buying an additional 99,812 shares during the period. AQR Capital Management LLC lifted its position in shares of Kinross Gold by 89.7% during the second quarter. AQR Capital Management LLC now owns 50,631 shares of the mining company’s stock worth $421,000 after purchasing an additional 23,946 shares in the last quarter. Creative Planning boosted its stake in shares of Kinross Gold by 48.6% in the second quarter. Creative Planning now owns 64,256 shares of the mining company’s stock valued at $535,000 after purchasing an additional 21,004 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Kinross Gold by 18.0% in the second 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 in the last quarter. Finally, Truist Financial Corp increased its stake in Kinross Gold by 33.2% during the 2nd quarter. Truist Financial Corp now owns 161,900 shares of the mining company’s stock worth $1,347,000 after buying an additional 40,371 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Kinross Gold currently has an average rating of “Buy” and an average target price of $11.13.

Kinross Gold Trading Up 0.0 %

KGC traded up $0.01 during trading hours on Tuesday, reaching $11.46. The company’s stock had a trading volume of 9,678,550 shares, compared to its average volume of 20,936,611. The business’s 50-day moving average is $10.01 and its 200-day moving average is $9.64. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63. The stock has a market cap of $14.08 billion, a PE ratio of 18.78, a P/E/G ratio of 0.61 and a beta of 1.23. Kinross Gold has a fifty-two week low of $4.75 and a fifty-two week high of $11.68.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The company’s revenue was up 29.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 EPS. As a group, equities research analysts predict that Kinross Gold will post 0.72 earnings per share for the current fiscal year.

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.