Zacks Investment Research Upgrades Kumba Iron Ore Ltd (KIROY) to “Buy”
Kumba Iron Ore Ltd (NASDAQ:KIROY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage currently has a $3.25 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 15.66% from the stock’s current price.
According to Zacks, “Kumba Iron Ore Limited engages in the exploration, extraction, beneficiation, marketing, shipping, and sale of iron ore in South Africa. Its mining assets and natural resources also include platinum group metals and diamonds, copper, iron ore, metallurgical coal, nickel and thermal coal. The company has mines in various places like Thabazimbi in Limpopo, Sishen in Northern Cape; and Kolomela mine. It also transports iron ore to its customers in Europe and Asia. Kumba Iron Ore Limited is headquartered in Centurion, South Africa. “
Kumba Iron Ore (NASDAQ:KIROY) traded up 0.36% on Thursday, reaching $2.82. The company had a trading volume of 16,300 shares. The stock’s 50-day moving average price is $3.29 and its 200-day moving average price is $2.45. Kumba Iron Ore has a 12-month low of $0.50 and a 12-month high of $3.67. The stock has a market capitalization of $2.70 billion and a P/E ratio of 43.43.
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Kumba Iron Ore Company Profile
Kumba Iron Ore Limited (Kumba) is a supplier of iron ore to the global steel industry. The Company is engaged in the exploration, beneficiation, marketing, sale and shipping of iron ore. The Company’s segments include Sishen mine, Kolomela mine, Thabazimbi mine, Logistics, Shipping operations and Other.
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