Kinross Gold (NYSE:KGC) Trading Up 4.7% – Here’s Why

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price traded up 4.7% on Thursday . The stock traded as high as $28.97 and last traded at $28.55. 8,141,818 shares changed hands during trading, a decline of 56% from the average session volume of 18,496,184 shares. The stock had previously closed at $27.26.

Analyst Upgrades and Downgrades

Several brokerages have commented on KGC. CIBC lifted their price target on Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Jefferies Financial Group reiterated a “buy” rating and set a $33.00 target price on shares of Kinross Gold in a research note on Sunday, December 7th. Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Scotiabank restated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Finally, Raymond James Financial boosted their price target on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Kinross Gold currently has an average rating of “Buy” and an average price target of $29.81.

Kinross Gold Stock Down 2.1%

The company has a market capitalization of $33.73 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 0.42 and a beta of 0.74. The business has a fifty day simple moving average of $25.43 and a two-hundred day simple moving average of $20.82. The company has a quick ratio of 1.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly 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 business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. Kinross Gold’s quarterly revenue was up 25.8% on a year-over-year basis. Equities analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th were issued a $0.035 dividend. This represents a $0.14 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was 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%.

Hedge Funds Weigh In On Kinross Gold

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Caitlin John LLC bought a new position in shares of Kinross Gold in the third quarter valued at approximately $26,000. Virtus Advisers LLC acquired a new stake in Kinross Gold during the 3rd quarter valued at $28,000. GPS Wealth Strategies Group LLC bought a new position in Kinross Gold in the 3rd quarter valued at $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new position in Kinross Gold in the third quarter worth $31,000. Finally, Harvest Fund Management Co. Ltd grew its holdings in shares of Kinross Gold by 85.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after purchasing an additional 589 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.