Kinross Gold (NYSE:KGC) Stock Price Down 1.3% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K) was down 1.3% during mid-day trading on Wednesday . The stock traded as low as $27.06 and last traded at $27.1290. Approximately 5,314,798 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 18,772,439 shares. The stock had previously closed at $27.49.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on KGC. Desjardins assumed coverage on shares of Kinross Gold in a report on Friday, November 28th. They set a “buy” rating on the stock. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. CIBC upped their price target on Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. UBS Group raised 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. Finally, Canaccord Genuity Group lifted their price objective on Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $27.94.

Kinross Gold Stock Performance

The stock has a fifty day simple moving average of $25.18 and a two-hundred day simple moving average of $20.37. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.68 and a current ratio of 2.83. The stock has a market capitalization of $32.94 billion, a price-to-earnings ratio of 19.08, a P/E/G ratio of 0.40 and a beta of 0.74.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. Analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after purchasing an additional 7,825,336 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Kinross Gold by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company’s stock valued at $1,259,280,000 after buying an additional 1,553,594 shares during the period. Boston Partners increased its position in Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock valued at $632,797,000 after buying an additional 12,705,061 shares in the last quarter. Norges Bank acquired a new position in Kinross Gold during the 2nd quarter worth approximately $389,025,000. Finally, Man Group plc boosted its holdings in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after acquiring an additional 5,411,491 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

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.