Kinross Gold (NYSE:KGC) Hits New 12-Month High – Here’s Why

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $10.82 and last traded at $10.70, with a volume of 205142 shares traded. The stock had previously closed at $10.71.

Analyst Ratings Changes

KGC has been the subject of several recent research reports. StockNews.com lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 25th. CIBC boosted their price objective on shares of Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Scotiabank raised their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Finally, Jefferies Financial Group lifted their target price on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Kinross Gold Trading Down 0.8 %

The firm’s 50-day simple moving average is $9.44 and its 200 day simple moving average is $8.40. The stock has a market cap of $13.05 billion, a P/E ratio of 26.12, a PEG ratio of 0.58 and a beta of 1.24. The company has a current ratio of 1.27, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.20 billion. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The company’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.14 earnings per share. As a group, equities research analysts anticipate that Kinross Gold Co. will post 0.63 earnings per share for the current year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.12 annualized dividend and a yield of 1.13%. Kinross Gold’s dividend payout ratio is currently 29.27%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently made changes to their positions in KGC. Private Advisor Group LLC increased its stake in Kinross Gold by 8.7% in the 3rd quarter. Private Advisor Group LLC now owns 12,238 shares of the mining company’s stock worth $115,000 after purchasing an additional 981 shares in the last quarter. Cetera Advisors LLC lifted its stake in shares of Kinross Gold by 10.1% in the first quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock worth $122,000 after buying an additional 1,828 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Kinross Gold by 18.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock worth $119,000 after purchasing an additional 2,180 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Kinross Gold by 9.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 25,708 shares of the mining company’s stock valued at $241,000 after acquiring an additional 2,200 shares during the period. Finally, O Shaughnessy Asset Management LLC grew its position in Kinross Gold by 3.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 105,372 shares of the mining company’s stock worth $647,000 after purchasing an additional 3,070 shares during the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

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.