Kinross Gold Co. (NYSE:KGC) to Issue Quarterly Dividend of $0.03

Kinross Gold Co. (NYSE:KGC) (TSE:K) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders of record on Thursday, May 30th will be paid a dividend of 0.03 per share by the mining company on Thursday, June 13th. This represents a $0.12 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, May 30th.

Kinross Gold has raised its dividend payment by an average of 27.7% per year over the last three years and has increased its dividend every year for the last 1 years. Kinross Gold has a dividend payout ratio of 24.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Kinross Gold to earn $0.51 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 23.5%.

Kinross Gold Stock Up 4.6 %

Shares of KGC traded up $0.33 during midday trading on Thursday, hitting $7.43. 11,602,283 shares of the company’s stock traded hands, compared to its average volume of 14,636,174. Kinross Gold has a 1 year low of $4.32 and a 1 year high of $7.46. The firm’s fifty day moving average is $6.11 and its 200-day moving average is $5.74. The company has a current ratio of 2.63, a quick ratio of 0.95 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $9.12 billion, a price-to-earnings ratio of 20.88, a price-to-earnings-growth ratio of 2.09 and a beta of 1.14.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Tuesday, May 7th. The mining company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 earnings per share. As a group, sell-side analysts anticipate that Kinross Gold will post 0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on KGC shares. StockNews.com upgraded Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. TheStreet downgraded shares of Kinross Gold from a “b” rating to a “c+” rating in a report on Friday, February 16th. CIBC lifted their price objective on shares of Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. National Bank Financial reiterated an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. Finally, Jefferies Financial Group boosted their target price on shares of Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.44.

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.