Kinross Gold (NYSE:KGC) Reaches New 1-Year High – Here’s Why

Kinross Gold Co. (NYSE:KGC) (TSE:K) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $10.16 and last traded at $10.16, with a volume of 164401 shares changing hands. The stock had previously closed at $9.93.

Wall Street Analysts Forecast Growth

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

Kinross Gold Price Performance

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 company has a 50-day moving average of $9.23 and a 200-day moving average of $8.23. The stock has a market capitalization of $12.45 billion, a price-to-earnings ratio of 27.61, a P/E/G ratio of 0.54 and a beta of 1.24.

Kinross Gold (NYSE:KGC) (TSE:K) last posted 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 during 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 company’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 earnings per share. As a group, equities research analysts expect that Kinross Gold Co. will post 0.61 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.18%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s dividend payout ratio is currently 33.33%.

Hedge Funds Weigh In On Kinross Gold

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of 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 acquiring an additional 497,531 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Kinross Gold in the first quarter worth about $1,095,000. Gabelli Funds LLC grew its stake in shares of Kinross Gold by 3.9% in the second quarter. Gabelli Funds LLC now owns 5,194,500 shares of the mining company’s stock valued at $43,218,000 after buying an additional 194,700 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Kinross Gold during the 1st quarter valued at about $3,199,000. Finally, Artemis Investment Management LLP acquired a new position in Kinross Gold during the 1st quarter worth approximately $9,732,000. 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.