Kinross Gold (NYSE:KGC) Trading Down 2% – What’s Next?

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) traded down 2% during mid-day trading on Monday . The stock traded as low as $24.82 and last traded at $24.9350. 7,858,803 shares were traded during mid-day trading, a decline of 59% from the average session volume of 19,298,273 shares. The stock had previously closed at $25.44.

Analyst Ratings Changes

Several research firms recently issued reports on KGC. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Raymond James Financial raised their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. Finally, Canaccord Genuity Group upped their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Four research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $27.56.

Kinross Gold Stock Up 0.8%

The business has a 50-day simple moving average of $24.31 and a 200-day simple moving average of $19.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The company has a market cap of $30.86 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. On average, equities analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be issued a $0.035 dividend. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio (DPR) is 9.79%.

Hedge Funds Weigh In On Kinross Gold

A number of institutional investors and hedge funds have recently modified their holdings of KGC. Van ECK Associates Corp raised its stake in Kinross Gold by 7.8% in the third 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 in the last quarter. Vanguard Group Inc. increased its holdings in shares of Kinross Gold by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company’s stock valued at $1,259,280,000 after acquiring an additional 1,553,594 shares during the last quarter. Boston Partners raised its position in shares of Kinross Gold by 36.5% during the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock worth $632,797,000 after acquiring an additional 12,705,061 shares in the last quarter. Norges Bank acquired a new stake in shares of Kinross Gold during the 2nd quarter worth about $389,025,000. Finally, Man Group plc lifted its stake in 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 last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

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.