Kinross Gold (NYSE:KGC) Stock Price Up 3% – Here’s What Happened

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price rose 3% during mid-day trading on Monday . The company traded as high as $30.08 and last traded at $29.1470. Approximately 7,646,524 shares traded hands during trading, an increase of 0% from the average daily volume of 7,615,841 shares. The stock had previously closed at $28.30.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 price target on shares of Kinross Gold in a research report on Sunday, December 7th. TD Securities lifted their price objective on shares of Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. UBS Group lifted their price target on shares of Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Scotiabank reissued an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. Finally, Cormark downgraded Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Kinross Gold has a consensus rating of “Buy” and a consensus price target of $29.81.

Kinross Gold Price Performance

The company has a market cap of $35.08 billion, a P/E ratio of 20.51, a P/E/G ratio of 0.30 and a beta of 0.75. The company’s 50-day moving average price is $26.63 and its two-hundred day moving average price is $22.40. The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. Kinross Gold’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. As a group, sell-side analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th were paid a dividend of $0.035 per share. 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 0.5%. The ex-dividend date of this dividend was Wednesday, November 26th. Kinross Gold’s dividend payout ratio (DPR) is 9.79%.

Institutional Investors Weigh In On Kinross Gold

Institutional investors and hedge funds have recently bought and sold shares of the business. Laird Norton Wetherby Wealth Management LLC grew its stake in shares of Kinross Gold by 2.1% in the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock worth $629,000 after purchasing an additional 521 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Kinross Gold by 1.8% during the third quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company’s stock valued at $799,000 after acquiring an additional 565 shares during the period. Cadence Wealth Management LLC lifted its position in shares of Kinross Gold by 1.3% in the 3rd quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock valued at $1,149,000 after acquiring an additional 581 shares in the last quarter. Parallel Advisors LLC boosted its stake in Kinross Gold by 7.0% in the 3rd quarter. Parallel Advisors LLC now owns 9,018 shares of the mining company’s stock worth $224,000 after purchasing an additional 587 shares during the period. Finally, Harvest Fund Management Co. Ltd boosted its stake in Kinross Gold by 85.2% in the 3rd 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 period. 63.69% of the stock is owned by institutional investors and hedge funds.

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.