Short Interest in Kinross Gold Co. (KGC) Decreases By 37.1%

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the recipient of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 25,875,663 shares, a decrease of 37.1% from the January 15th total of 41,113,405 shares. Based on an average daily volume of 11,550,255 shares, the days-to-cover ratio is presently 2.2 days.

Several analysts recently weighed in on the company. Credit Suisse Group restated a “hold” rating and set a $3.00 target price on shares of Kinross Gold in a research note on Thursday, February 7th. ValuEngine downgraded Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, January 5th. Royal Bank of Canada set a $4.00 price objective on Kinross Gold and gave the stock a “hold” rating in a research report on Wednesday, December 12th. BMO Capital Markets reiterated a “hold” rating and issued a $3.25 price objective on shares of Kinross Gold in a research report on Friday, November 9th. Finally, Beacon Securities reiterated a “buy” rating on shares of Kinross Gold in a research report on Monday, November 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $4.08.

Shares of KGC stock opened at $3.21 on Thursday. The company has a quick ratio of 1.26, a current ratio of 3.07 and a debt-to-equity ratio of 0.38. Kinross Gold has a 12 month low of $2.38 and a 12 month high of $4.30. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of 22.93 and a beta of -0.01.

Several hedge funds have recently made changes to their positions in KGC. BlackRock Inc. raised its holdings in shares of Kinross Gold by 3.8% in the 2nd quarter. BlackRock Inc. now owns 3,499,165 shares of the mining company’s stock worth $13,157,000 after buying an additional 128,212 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Kinross Gold by 8.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 13,289,556 shares of the mining company’s stock worth $49,969,000 after buying an additional 986,787 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Kinross Gold by 6.9% in the 2nd quarter. Northern Trust Corp now owns 1,160,909 shares of the mining company’s stock worth $4,365,000 after buying an additional 75,157 shares in the last quarter. Andra AP fonden raised its holdings in shares of Kinross Gold by 44.4% in the 3rd quarter. Andra AP fonden now owns 565,400 shares of the mining company’s stock worth $1,990,000 after buying an additional 173,800 shares in the last quarter. Finally, Aperio Group LLC raised its holdings in shares of Kinross Gold by 144.3% in the 3rd quarter. Aperio Group LLC now owns 1,043,346 shares of the mining company’s stock worth $2,817,000 after buying an additional 616,245 shares in the last quarter. Institutional investors own 53.96% of the company’s stock.

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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.

Further Reading: How can you know how many shares are floating?

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