Kinross Gold (NYSE:KGC) Stock Price Down 1.9% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s share price dropped 1.9% during mid-day trading on Thursday . The stock traded as low as $25.37 and last traded at $25.5270. Approximately 9,564,401 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 19,373,453 shares. The stock had previously closed at $26.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Wall Street Zen cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. UBS Group increased their price target on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. TD Securities raised their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Canaccord Genuity Group lifted their price objective on Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Four 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 stock. According to data from MarketBeat.com, Kinross Gold has an average rating of “Buy” and an average target price of $27.56.

Kinross Gold Stock Performance

The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $30.81 billion, a price-to-earnings ratio of 20.54, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The stock’s 50-day simple moving average is $24.20 and its 200 day simple moving average is $19.14.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion during 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 quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. Analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be paid a $0.035 dividend. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 26th. Kinross Gold’s payout ratio is presently 9.79%.

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Caitlin John LLC acquired a new stake in Kinross Gold in the 3rd quarter valued at about $26,000. GPS Wealth Strategies Group LLC bought a new stake in shares of Kinross Gold during the third quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Kinross Gold in the third quarter valued at approximately $31,000. Harvest Fund Management Co. Ltd raised its position in Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after purchasing an additional 589 shares during the last quarter. Finally, Armstrong Advisory Group Inc. lifted its holdings in Kinross Gold by 95.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock worth $36,000 after buying an additional 717 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.