Kinross Gold (NYSE:KGC) Stock Price Up 5.1% – Time to Buy?

by · The Cerbat Gem

Kinross Gold Corporation (NYSE:KGC – Get Free Report) (TSE:K) shares were up 5.1% during mid-day trading on Wednesday . The company traded as high as $27.57 and last traded at $27.4130. Approximately 7,352,089 shares were traded during trading, a decline of 61% from the average daily volume of 18,958,361 shares. The stock had previously closed at $26.09.

Analyst Ratings Changes

KGC has been the subject of several recent analyst reports. 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 report on Friday, October 10th. Scotiabank reissued an “outperform” rating on shares of Kinross Gold in a research note on Thursday, October 23rd. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. CIBC raised their price objective on shares of Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. Finally, Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $27.69.

Get Our Latest Report on KGC

Kinross Gold Stock Up 5.1%

The stock has a market capitalization of $33.09 billion, a P/E ratio of 22.11, a PEG ratio of 0.42 and a beta of 0.60. The stock has a 50 day moving average price of $24.52 and a 200-day moving average price of $19.69. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45.

Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last posted its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 EPS. As a group, research analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be given a dividend of $0.035 per share. This is an increase 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 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s dividend payout ratio is 9.79%.

Hedge Funds Weigh In On Kinross Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in shares of Kinross Gold by 95.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after purchasing an additional 3,398,687 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its position in Kinross Gold by 21.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock valued at $4,076,000 after purchasing an additional 57,966 shares during the last quarter. Sprott Inc. increased its stake in Kinross Gold by 1.7% during the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company’s stock valued at $36,976,000 after purchasing an additional 48,905 shares in the last quarter. Bayforest Capital Ltd raised its holdings in Kinross Gold by 30.2% in the second quarter. Bayforest Capital Ltd now owns 55,218 shares of the mining company’s stock worth $863,000 after buying an additional 12,821 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in shares of Kinross Gold by 9.0% in the second quarter. Truist Financial Corp now owns 302,645 shares of the mining company’s stock worth $4,730,000 after buying an additional 25,093 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

About Kinross Gold

(Get Free Report)

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.

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