Kinross Gold (NYSE:KGC) Stock Price Down 6.7% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s share price traded down 6.7% during trading on Monday . The company traded as low as $27.74 and last traded at $27.7080. 2,093,845 shares were traded during trading, a decline of 88% from the average session volume of 17,992,451 shares. The stock had previously closed at $29.70.

Analysts Set New Price Targets

KGC has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. CIBC lifted their price objective on shares of Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Raymond James Financial increased their target price on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 20th. Finally, Desjardins started coverage on Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating on the stock. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $29.81.

Kinross Gold Stock Down 5.1%

The firm’s 50 day simple moving average is $26.08 and its 200-day simple moving average is $21.86. The company has a market cap of $33.93 billion, a price-to-earnings ratio of 19.73, a P/E/G ratio of 0.43 and a beta of 0.74. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.83 and a quick ratio of 1.68.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. The business 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 business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. As a group, sell-side analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th were 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 of this dividend was Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is presently 9.79%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of KGC. Van ECK Associates Corp raised its holdings in shares of 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 during the last quarter. Vanguard Group Inc. raised its stake in Kinross Gold by 3.2% during 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 lifted its position in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock worth $1,133,463,000 after acquiring an additional 707,498 shares during the period. Norges Bank purchased a new position in shares of Kinross Gold in the 2nd quarter valued at approximately $389,025,000. Finally, Man Group plc increased its holdings in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the period. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.