Kinross Gold (NYSE:KGC) Trading Up 1.8% – Time to Buy?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price was up 1.8% during mid-day trading on Tuesday . The stock traded as high as $25.79 and last traded at $25.3890. Approximately 8,811,770 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 19,251,525 shares. The stock had previously closed at $24.94.

Analysts Set New Price Targets

A number of research firms have weighed in on KGC. Scotiabank reaffirmed an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. CIBC boosted their price target on Kinross Gold from $22.00 to $36.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. Raymond James Financial increased their price objective on Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. UBS Group upped their target price on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Cormark downgraded shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Four research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $27.56.

Kinross Gold Price Performance

The company’s 50 day moving average price is $24.25 and its 200 day moving average price is $19.25. 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 firm has a market capitalization of $30.65 billion, a P/E ratio of 20.48, a PEG ratio of 0.42 and a beta of 0.60.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm earned $0.24 EPS. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be given a $0.035 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $0.14 annualized dividend and a dividend yield of 0.6%. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is 9.79%.

Hedge Funds Weigh In On Kinross Gold

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Kinross Gold in the 2nd quarter valued at approximately $389,025,000. Boston Partners boosted its position in shares of Kinross Gold by 36.5% during the first quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock worth $632,797,000 after purchasing an additional 12,705,061 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Kinross Gold by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after buying an additional 7,825,336 shares during the period. Man Group plc increased its position in shares of Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Kinross Gold by 81.2% during the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after buying an additional 3,617,320 shares during the period. Institutional investors own 63.69% of the company’s stock.

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.