Kinross Gold (NYSE:KGC) Trading 4.7% Higher – Here’s What Happened

Kinross Gold Corporation (NYSE:KGC) (TSE:K) shares traded up 4.7% during mid-day trading on Thursday . The stock traded as high as $28.97 and last traded at $28.55. 8,141,818 shares were traded during mid-day trading, a decline of 56% from the average session volume of 18,496,184 shares. The stock had previously closed at $27.26.

Analyst Ratings Changes

A number of research firms have weighed in on KGC. CIBC raised their price objective on shares of Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Desjardins started coverage on shares of Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating for the company. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 30th. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Raymond James Financial boosted their price target 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. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Kinross Gold currently has a consensus rating of “Buy” and a consensus price target of $29.81.

Kinross Gold Price Performance

The firm has a 50 day moving average price of $25.37 and a 200 day moving average price of $20.73. The stock has a market capitalization of $34.47 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 0.39 and a beta of 0.74. The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data 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 the consensus estimate of $1.72 billion. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The firm’s revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. Research analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of KGC. Caitlin John LLC purchased a new stake in Kinross Gold during the third quarter valued at $26,000. Virtus Advisers LLC purchased a new stake in shares of Kinross Gold during the 3rd quarter valued at about $28,000. GPS Wealth Strategies Group LLC purchased a new stake in shares of Kinross Gold during the 3rd quarter valued at about $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Kinross Gold in the 3rd quarter valued at about $31,000. Finally, Harvest Fund Management Co. Ltd grew its position in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after acquiring an additional 589 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

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.