Kinross Gold (NYSE:KGC) Sets New 1-Year Low – Here’s Why

Kinross Gold Corporation (NYSE:KGC) (TSE:K) reached a new 52-week low on Wednesday. The stock traded as low as $21.96 and last traded at $21.9560, with a volume of 4,450,811 shares trading hands. The stock had previously closed at $23.44.

Wall Street Analyst Weigh In

Several research firms recently commented on KGC. Wall Street Zen lowered Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings upgraded shares of Kinross Gold from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Canadian Imperial Bank of Commerce dropped their target price on Kinross Gold from $54.00 to $50.00 and set an “outperformer” rating on the stock in a research report on Friday, September 25th. Zacks Research upgraded Kinross Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold presently has an average rating of “Moderate Buy” and an average target price of $38.89.

Kinross Gold Trading Down 6.3%

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The stock has a market capitalization of $26.01 billion, a price-to-earnings ratio of 8.31, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82. The business has a fifty day moving average of $27.77 and a 200-day moving average of $27.79.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the firm earned $0.44 EPS. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. On average, equities analysts anticipate that Kinross Gold Corporation will post 2.43 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were given a $0.04 dividend. The ex-dividend date was Thursday, August 20th. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold’s payout ratio is 6.06%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Euro Pacific Asset Management LLC lifted its holdings in shares of Kinross Gold by 5.7% during the third quarter. Euro Pacific Asset Management LLC now owns 805,507 shares of the mining company’s stock valued at $19,397,000 after purchasing an additional 43,481 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in shares of Kinross Gold in the 3rd quarter valued at approximately $218,000. Farther Finance Advisors LLC purchased a new stake in shares of Kinross Gold in the 3rd quarter valued at approximately $511,000. Sapient Capital LLC acquired a new position in Kinross Gold in the 3rd quarter worth approximately $816,000. Finally, CoreCap Advisors LLC acquired a new position in Kinross Gold in the 3rd quarter worth approximately $148,000. Institutional investors own 63.69% of the company’s stock.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.