Kinross Gold (NYSE:KGC) Trading Up 2.2% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s share price rose 2.2% during mid-day trading on Friday . The stock traded as high as $28.88 and last traded at $28.60. Approximately 12,787,347 shares traded hands during trading, a decline of 30% from the average daily volume of 18,270,838 shares. The stock had previously closed at $27.99.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. CIBC lifted their price objective on shares of Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. Scotiabank reissued an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. Raymond James Financial boosted their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Finally, Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $29.81.

Kinross Gold Stock Up 2.2%

The firm has a market capitalization of $34.53 billion, a P/E ratio of 20.00, a PEG ratio of 0.41 and a beta of 0.74. 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 firm’s 50-day moving average is $25.67 and its 200 day moving average is $21.19.

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, topping analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The company’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.24 EPS. As a group, equities research analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th were paid a $0.035 dividend. This represents a $0.14 annualized dividend and a yield of 0.5%. The ex-dividend date was Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio (DPR) is presently 9.79%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently made changes to their positions in KGC. Nuveen LLC bought a new stake in shares of Kinross Gold in the first quarter worth $16,288,000. HighTower Advisors LLC increased its stake in Kinross Gold by 697.3% in the 1st quarter. HighTower Advisors LLC now owns 97,742 shares of the mining company’s stock valued at $1,233,000 after buying an additional 85,483 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Kinross Gold by 6.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,022,770 shares of the mining company’s stock worth $126,378,000 after buying an additional 603,388 shares in the last quarter. Cresset Asset Management LLC boosted its stake in shares of Kinross Gold by 3.0% during the 1st quarter. Cresset Asset Management LLC now owns 34,714 shares of the mining company’s stock worth $438,000 after buying an additional 1,013 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Kinross Gold by 12.0% in the 1st quarter. Northern Trust Corp now owns 1,326,988 shares of the mining company’s stock valued at $16,733,000 after acquiring an additional 141,967 shares in the last quarter. 63.69% of the stock is owned by institutional investors.

About Kinross Gold

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.