Kinross Gold (NYSE:KGC) Announces Earnings Results

Kinross Gold (NYSE:KGC) (TSE:K) announced its quarterly earnings results on Tuesday. The mining company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05, Zacks reports. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold’s revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share.

Kinross Gold Stock Down 0.5%

Shares of NYSE:KGC traded down $0.11 during midday trading on Thursday, reaching $23.96. The company had a trading volume of 6,473,402 shares, compared to its average volume of 19,595,627. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The stock’s fifty day moving average price is $23.66 and its 200-day moving average price is $18.63. The stock has a market capitalization of $28.99 billion, a P/E ratio of 19.33, a PEG ratio of 0.42 and a beta of 0.60. Kinross Gold has a one year low of $8.99 and a one year high of $27.84.

Kinross Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be paid a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, November 26th. Kinross Gold’s payout ratio is presently 8.39%.

Institutional Trading of Kinross Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in KGC. Man Group plc raised its holdings in shares of Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after purchasing an additional 5,411,491 shares during the period. Bank of America Corp DE raised its holdings in shares of Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after purchasing an additional 3,617,320 shares during the period. Canada Pension Plan Investment Board raised its holdings in shares of Kinross Gold by 5.3% during the second quarter. Canada Pension Plan Investment Board now owns 6,723,131 shares of the mining company’s stock worth $105,129,000 after purchasing an additional 336,100 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Kinross Gold by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 5,254,464 shares of the mining company’s stock worth $81,681,000 after acquiring an additional 111,422 shares during the last quarter. Finally, Royal London Asset Management Ltd. grew its position in shares of Kinross Gold by 0.3% during the second quarter. Royal London Asset Management Ltd. now owns 837,484 shares of the mining company’s stock worth $13,090,000 after acquiring an additional 2,316 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

KGC has been the topic of a number of recent research reports. Raymond James Financial lifted their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. Cormark cut shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Scotiabank reaffirmed an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. UBS Group lifted their price target on shares of Kinross Gold from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, CIBC lifted their price objective on shares of Kinross Gold from $22.00 to $36.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Kinross Gold has an average rating of “Buy” and an average target price of $27.56.

About Kinross Gold

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.