Kinross Gold (NYSE:KGC) Sees Unusually-High Trading Volume

Kinross Gold Co. (NYSE:KGC) (TSE:K) shares saw unusually-high trading volume on Monday . Approximately 6,128,428 shares traded hands during trading, a decline of 59% from the previous session’s volume of 15,097,615 shares.The stock last traded at $9.52 and had previously closed at $9.84.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on KGC. CIBC boosted their price target on Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. BMO Capital Markets upped their price target on Kinross Gold from $10.00 to $11.50 and gave the stock an “outperform” rating in a research note on Tuesday, May 21st. Scotiabank lifted their price objective on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Finally, Jefferies Financial Group boosted their price target on shares of Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Kinross Gold currently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Kinross Gold Stock Performance

The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 0.56 and a beta of 1.23. The stock’s 50 day moving average price is $8.92 and its two-hundred day moving average price is $7.61. 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 posted its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate 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 for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.14 EPS. On average, analysts forecast that Kinross Gold Co. will post 0.58 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 1.28%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s dividend payout ratio (DPR) is 33.33%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its holdings in shares of Kinross Gold by 9.5% in the first quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock valued at $925,392,000 after purchasing an additional 13,099,791 shares in the last quarter. Vanguard Group Inc. grew its holdings in Kinross Gold by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock valued at $278,486,000 after buying an additional 497,531 shares during the last quarter. Norges Bank purchased a new position in Kinross Gold during the fourth quarter worth $265,327,000. Ruffer LLP raised its holdings in shares of Kinross Gold by 4.6% in the fourth quarter. Ruffer LLP now owns 19,968,341 shares of the mining company’s stock worth $120,908,000 after acquiring an additional 877,104 shares during the last quarter. Finally, Boston Partners lifted its position in shares of Kinross Gold by 7.9% in the first quarter. Boston Partners now owns 18,226,824 shares of the mining company’s stock valued at $111,730,000 after acquiring an additional 1,328,372 shares in the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

About Kinross Gold

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.