Kinross Gold (TSE:K) Trading 4.5% Higher – Here’s What Happened

Kinross Gold Co. (TSE:K) (NYSE:KGC)’s share price shot up 4.5% during trading on Thursday . The company traded as high as C$19.22 and last traded at C$19.19. 1,514,080 shares were traded during mid-day trading, a decline of 58% from the average session volume of 3,647,968 shares. The stock had previously closed at C$18.37.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on K. National Bank Financial upgraded Kinross Gold to a “strong-buy” rating in a research report on Friday, March 21st. Stifel Canada raised Kinross Gold to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, National Bankshares increased their price target on Kinross Gold from C$22.00 to C$23.00 and gave the stock an “outperform” rating in a report on Wednesday, April 2nd. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$17.30.

Kinross Gold Price Performance

The firm has a market capitalization of C$17.33 billion, a PE ratio of 23.46, a P/E/G ratio of -0.60 and a beta of 1.24. The company has a 50-day moving average price of C$16.90 and a 200-day moving average price of C$15.07. The company has a debt-to-equity ratio of 18.81, a current ratio of 1.61 and a quick ratio of 1.11.

Kinross Gold Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.60%. Kinross Gold’s dividend payout ratio is presently 18.84%.

Insider Activity at Kinross Gold

In other news, Senior Officer Claude J.S. Schimper sold 5,000 shares of the business’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of C$17.97, for a total transaction of C$89,850.00. Also, Director Jonathan Paul Rollinson sold 205,318 shares of Kinross Gold stock in a transaction on Friday, February 28th. The shares were sold at an average price of C$15.22, for a total value of C$3,124,939.96. Over the last ninety days, insiders sold 349,670 shares of company stock worth $5,366,186. 0.26% of the stock is currently owned by insiders.

Kinross Gold Company Profile

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia.