Kinross Gold (NYSE:KGC) Lifted to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a strong-buy rating in a report released on Tuesday morning.

A number of other equities research analysts have also commented on the stock. CIBC raised their price objective on shares of Kinross Gold from $8.15 to $12.00 and gave the stock an outperformer rating in a report on Wednesday, July 10th. BMO Capital Markets lifted their price objective on shares of Kinross Gold from $10.00 to $11.50 and gave the company an outperform rating in a research report on Tuesday, May 21st. Scotiabank lifted 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 shares of Kinross Gold from $7.00 to $9.00 and gave the stock a hold rating in a report on Friday, July 12th. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $9.33.

Kinross Gold Price Performance

Shares of KGC stock opened at $9.35 on Tuesday. Kinross Gold has a 52-week low of $4.32 and a 52-week high of $10.10. The stock has a market cap of $11.49 billion, a PE ratio of 25.97, a PEG ratio of 0.55 and a beta of 1.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.27. The firm’s 50 day moving average price is $8.96 and its two-hundred day moving average price is $7.70.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same period last year, the business posted $0.14 earnings per share. As a group, analysts forecast that Kinross Gold will post 0.58 EPS for the current year.

Kinross Gold Announces Dividend

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

Hedge Funds Weigh In On Kinross Gold

Several hedge funds and other institutional investors have recently made changes to their positions in KGC. Truist Financial Corp increased its position in Kinross Gold by 33.2% during the 2nd quarter. Truist Financial Corp now owns 161,900 shares of the mining company’s stock worth $1,347,000 after purchasing an additional 40,371 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Kinross Gold by 18.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after purchasing an additional 2,180 shares during the last quarter. Creative Planning boosted its stake in shares of Kinross Gold by 48.6% in the 2nd quarter. Creative Planning now owns 64,256 shares of the mining company’s stock valued at $535,000 after purchasing an additional 21,004 shares during the last quarter. Lighthouse Investment Partners LLC boosted its stake in shares of Kinross Gold by 1,401.5% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 273,175 shares of the mining company’s stock valued at $2,273,000 after purchasing an additional 254,981 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Kinross Gold by 6.2% during the second quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock worth $91,255,000 after acquiring an additional 643,013 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.