Kinross Gold (NYSE:KGC) Shares Gap Down – What’s Next?

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) gapped down prior to trading on Thursday . The stock had previously closed at $28.95, but opened at $26.50. Kinross Gold shares last traded at $27.0610, with a volume of 5,700,208 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently commented on KGC shares. TD Securities cut their price target on Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Canadian Imperial Bank of Commerce set a $54.00 price objective on Kinross Gold in a research report on Wednesday, February 4th. Desjardins started coverage on shares of Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating on the stock. Royal Bank Of Canada upgraded shares of Kinross Gold from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $36.00 to $45.00 in a research note on Thursday, March 12th. Finally, Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $39.56.

Kinross Gold Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37. The company’s 50 day simple moving average is $33.87 and its 200 day simple moving average is $28.42. The company has a market capitalization of $32.45 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.12. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the firm earned $0.20 EPS. The company’s revenue was up 42.9% compared to the same quarter last year. As a group, sell-side analysts predict 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 will be paid on Thursday, March 26th. Investors of record on Wednesday, March 11th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Wednesday, March 11th. Kinross Gold’s dividend payout ratio is presently 8.16%.

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in shares of Kinross Gold by 45.2% in the 4th quarter. Rockefeller Capital Management L.P. now owns 32,845 shares of the mining company’s stock valued at $925,000 after purchasing an additional 10,217 shares during the period. Corient Private Wealth LLC lifted its stake in Kinross Gold by 4.2% in the fourth quarter. Corient Private Wealth LLC now owns 53,661 shares of the mining company’s stock valued at $1,511,000 after buying an additional 2,185 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Kinross Gold in the fourth quarter valued at approximately $60,000. Tobam acquired a new stake in shares of Kinross Gold in the fourth quarter valued at approximately $245,000. Finally, DGS Capital Management LLC boosted its holdings in shares of Kinross Gold by 10.1% in the fourth quarter. DGS Capital Management LLC now owns 41,441 shares of the mining company’s stock valued at $1,167,000 after acquiring an additional 3,814 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

About Kinross Gold

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.