Kinross Gold (NYSE:KGC) Sets New 12-Month High – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.56 and last traded at $35.6990, with a volume of 3401338 shares changing hands. The stock had previously closed at $33.66.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. CIBC boosted their target price on shares of Kinross Gold from $37.00 to $38.50 and gave the stock an “outperform” rating in a research note on Friday. Desjardins initiated coverage on Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating on the stock. Raymond James Financial boosted their price objective on Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. TD Securities raised their target price on Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $33.00 price target on shares of Kinross Gold in a research note on Sunday, December 7th. 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.com, the company has a consensus rating of “Buy” and a consensus target price of $30.56.

Kinross Gold Stock Performance

The stock has a market cap of $42.74 billion, a price-to-earnings ratio of 24.83, a PEG ratio of 0.38 and a beta of 0.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.83 and a quick ratio of 1.68. The firm has a fifty day moving average of $28.36 and a 200 day moving average of $23.59.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (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 during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the business earned $0.24 EPS. The firm’s quarterly revenue was up 25.8% on a year-over-year basis. As a group, sell-side analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th were given a dividend of $0.035 per share. The ex-dividend date was Wednesday, November 26th. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 annualized dividend and a yield of 0.4%. Kinross Gold’s dividend payout ratio (DPR) is 9.79%.

Institutional Trading of Kinross Gold

Several hedge funds have recently made changes to their positions in KGC. Genesis Financial Group LLC purchased a new stake in shares of Kinross Gold during the 4th quarter valued at approximately $639,000. Vanguard Capital Wealth Advisors acquired a new stake in Kinross Gold during the fourth quarter worth $236,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in Kinross Gold during the fourth quarter worth $267,000. Allspring Global Investments Holdings LLC raised its position in Kinross Gold by 1.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,785,483 shares of the mining company’s stock valued at $78,459,000 after purchasing an additional 50,000 shares during the period. Finally, Haven Capital Group Inc. lifted its stake in shares of Kinross Gold by 21.2% in the 4th quarter. Haven Capital Group Inc. now owns 40,781 shares of the mining company’s stock valued at $1,148,000 after purchasing an additional 7,147 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Company Profile

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.