Kinross Gold (NYSE:KGC) Sets New 12-Month High – Here’s Why

Kinross Gold Corporation (NYSE:KGC) (TSE:K) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $15.99 and last traded at $15.85, with a volume of 1833525 shares changing hands. The stock had previously closed at $15.48.

Wall Street Analyst Weigh In

KGC has been the subject of a number of research reports. Royal Bank Of Canada increased their price target on shares of Kinross Gold from $14.00 to $19.00 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. National Bankshares reiterated an “outperform” rating on shares of Kinross Gold in a research report on Wednesday, April 23rd. Scotiabank lifted their price objective on Kinross Gold from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 8th. Stifel Canada raised Kinross Gold to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, CIBC reaffirmed an “outperform” rating on shares of Kinross Gold in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $15.40.

Kinross Gold Stock Up 2.5%

The firm has a market cap of $19.46 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 0.66 and a beta of 0.63. The firm’s 50 day moving average is $14.80 and its two-hundred day moving average is $12.35. The company has a current ratio of 2.83, a quick ratio of 1.22 and a debt-to-equity ratio of 0.17.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.08. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. Kinross Gold’s revenue for the quarter was up 38.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 EPS. As a group, research analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were issued a dividend of $0.03 per share. The ex-dividend date was Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.76%. Kinross Gold’s payout ratio is presently 12.24%.

Institutional Investors Weigh In On Kinross Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. First Hawaiian Bank increased its stake in shares of Kinross Gold by 36.8% during the 1st quarter. First Hawaiian Bank now owns 45,598 shares of the mining company’s stock worth $575,000 after purchasing an additional 12,261 shares during the last quarter. Intech Investment Management LLC grew its stake in Kinross Gold by 12.7% in the 1st quarter. Intech Investment Management LLC now owns 719,604 shares of the mining company’s stock valued at $9,065,000 after buying an additional 80,844 shares during the last quarter. Mudita Advisors LLP raised its holdings in Kinross Gold by 25.7% in the 1st quarter. Mudita Advisors LLP now owns 471,200 shares of the mining company’s stock valued at $5,942,000 after acquiring an additional 96,200 shares during the period. Bayforest Capital Ltd lifted its position in Kinross Gold by 481.4% during the first quarter. Bayforest Capital Ltd now owns 42,397 shares of the mining company’s stock worth $535,000 after acquiring an additional 35,105 shares during the last quarter. Finally, Ascent Group LLC acquired a new stake in Kinross Gold during the first quarter worth approximately $275,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Company Profile

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.