Kinross Gold (NYSE:KGC) Stock Price Down 1.6% – Here’s Why

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) dropped 1.6% on Wednesday . The company traded as low as $28.02 and last traded at $28.14. Approximately 4,236,970 shares changed hands during trading, a decline of 76% from the average daily volume of 17,925,197 shares. The stock had previously closed at $28.61.

Analyst Ratings Changes

A number of research firms recently issued reports on KGC. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 20th. Desjardins began coverage on shares of Kinross Gold in a report on Friday, November 28th. They set a “buy” rating on the stock. Raymond James Financial upped their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Scotiabank restated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Kinross Gold presently has an average rating of “Buy” and a consensus price target of $29.81.

Kinross Gold Price Performance

The firm has a market cap of $33.87 billion, a P/E ratio of 19.68, a PEG ratio of 0.41 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. The company’s 50-day moving average is $26.24 and its two-hundred day moving average is $22.04.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 EPS. Sell-side analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th were given a dividend of $0.035 per share. The ex-dividend date was Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is currently 9.79%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Swiss Life Asset Management Ltd boosted its holdings in shares of Kinross Gold by 47.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 243,902 shares of the mining company’s stock valued at $6,059,000 after acquiring an additional 79,023 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in Kinross Gold by 273.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 5,233 shares of the mining company’s stock worth $130,000 after purchasing an additional 3,830 shares in the last quarter. Tcfg Wealth Management LLC bought a new position in Kinross Gold in the third quarter valued at about $338,000. Achmea Investment Management B.V. boosted its stake in shares of Kinross Gold by 0.5% during the third quarter. Achmea Investment Management B.V. now owns 1,016,357 shares of the mining company’s stock valued at $25,230,000 after purchasing an additional 5,200 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Kinross Gold during the third quarter worth about $538,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.