Kinross Gold (TSE:K) Reaches New 12-Month High After Dividend Announcement

Kinross Gold Co. (TSE:K) (NYSE:KGC)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as C$9.84 and last traded at C$9.81, with a volume of 2039987 shares trading hands. The stock had previously closed at C$9.29.

The newly announced dividend which will be paid on Thursday, June 13th. Shareholders of record on Thursday, May 30th will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.23%. Kinross Gold’s dividend payout ratio is 34.78%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on K shares. Canaccord Genuity Group increased their price target on Kinross Gold from C$11.00 to C$12.50 in a research note on Tuesday, April 23rd. National Bank Financial reissued an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. Eight Capital boosted their target price on Kinross Gold from C$10.00 to C$11.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. Finally, Stifel Nicolaus lifted their price objective on shares of Kinross Gold from C$9.00 to C$11.50 and gave the stock a “buy” rating in a research note on Friday, April 19th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of C$10.70.

Kinross Gold Price Performance

The company’s 50-day simple moving average is C$8.25 and its 200-day simple moving average is C$7.77. The stock has a market capitalization of C$12.02 billion, a P/E ratio of 20.20, a price-to-earnings-growth ratio of -0.60 and a beta of 1.21. The company has a debt-to-equity ratio of 36.54, a current ratio of 2.63 and a quick ratio of 1.11.

Kinross Gold (TSE:K) (NYSE:KGC) last released its quarterly earnings data on Wednesday, February 14th. The company reported C$0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.12 by C$0.03. The company had revenue of C$1.52 billion during the quarter, compared to analysts’ expectations of C$1.24 billion. Kinross Gold had a return on equity of 6.88% and a net margin of 9.82%. As a group, sell-side analysts expect that Kinross Gold Co. will post 0.4605193 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Senior Officer Claude J.S. Schimper sold 8,400 shares of Kinross Gold stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of C$7.64, for a total transaction of C$64,176.00. In related news, Senior Officer Nathan M. Longenecker sold 29,312 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of C$4.93, for a total value of C$144,508.16. Also, Senior Officer Claude J.S. Schimper sold 8,400 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of C$7.64, for a total value of C$64,176.00. Insiders sold 143,621 shares of company stock worth $893,873 over the last three months. Insiders own 0.26% 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.