Kinross Gold (NYSE:KGC) Stock Price Down 3.1% – Should You Sell?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price dropped 3.1% during mid-day trading on Tuesday . The stock traded as low as $26.88 and last traded at $27.4730. Approximately 10,008,652 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 18,829,975 shares. The stock had previously closed at $28.34.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KGC. UBS Group lifted their price objective on Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday. Zacks Research raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Raymond James Financial lifted their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Cormark downgraded shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Finally, Scotiabank restated an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Kinross Gold currently has a consensus rating of “Buy” and an average price target of $27.94.

Kinross Gold Stock Performance

The company has a market cap of $33.17 billion, a price-to-earnings ratio of 22.16, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $24.90 and its 200 day moving average price is $20.08.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold’s revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. On average, analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is currently 9.79%.

Institutional Investors Weigh In On Kinross Gold

Institutional investors have recently added to or reduced their stakes in the company. Laird Norton Wetherby Wealth Management LLC increased its stake in Kinross Gold by 2.1% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock worth $629,000 after acquiring an additional 521 shares during the last quarter. Ballentine Partners LLC grew its holdings in shares of Kinross Gold by 1.8% during the 3rd quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company’s stock worth $799,000 after purchasing an additional 565 shares during the period. Cadence Wealth Management LLC increased its position in Kinross Gold by 1.3% during the 3rd quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock worth $1,149,000 after purchasing an additional 581 shares in the last quarter. Parallel Advisors LLC raised its holdings in Kinross Gold by 7.0% in the third quarter. Parallel Advisors LLC now owns 9,018 shares of the mining company’s stock valued at $224,000 after buying an additional 587 shares during the period. Finally, Harvest Fund Management Co. Ltd raised its holdings in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after buying an additional 589 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Company Profile

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.