Kinross Gold (NYSE:KGC) Reaches New 12-Month High Following Strong Earnings

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) reached a new 52-week high on Wednesday following a better than expected earnings announcement. The company traded as high as $7.17 and last traded at $7.15, with a volume of 8218479 shares. The stock had previously closed at $6.77.

The mining company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.06 by $0.04. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. Kinross Gold had a net margin of 9.82% and a return on equity of 8.85%. Kinross Gold’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 EPS.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 6th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, March 5th. Kinross Gold’s dividend payout ratio is currently 35.29%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on KGC shares. StockNews.com raised shares of Kinross Gold from a “hold” rating to a “buy” rating in a report on Tuesday, April 2nd. Jefferies Financial Group boosted their price target on Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a report on Monday, April 22nd. TheStreet cut Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. National Bank Financial reissued an “outperform overweight” rating on shares of Kinross Gold in a report on Monday, April 8th. Finally, CIBC upped their price target on shares of Kinross Gold from $7.00 to $8.15 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Kinross Gold currently has an average rating of “Moderate Buy” and an average price target of $6.44.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC bought a new position in Kinross Gold in the 4th quarter worth about $26,000. Headlands Technologies LLC bought a new position in shares of Kinross Gold during the 4th quarter worth $44,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Kinross Gold during the fourth quarter valued at $53,000. Advisor Resource Council bought a new stake in shares of Kinross Gold in the first quarter valued at about $60,000. Finally, Sivia Capital Partners LLC purchased a new stake in Kinross Gold in the fourth quarter worth about $63,000. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Up 5.2 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.95 and a current ratio of 2.63. The company has a market capitalization of $8.74 billion, a P/E ratio of 19.93, a PEG ratio of 2.09 and a beta of 1.14. The company’s fifty day simple moving average is $6.06 and its 200-day simple moving average is $5.73.

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.