Kinross Gold (NYSE:KGC) Shares Gap Down – Should You Sell?

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s share price gapped down before the market opened on Monday . The stock had previously closed at $10.47, but opened at $9.97. Kinross Gold shares last traded at $9.80, with a volume of 3,332,696 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Scotiabank upped their price target on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Jefferies Financial Group increased their price objective on shares of Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Finally, StockNews.com raised shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Two equities research 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Kinross Gold Price Performance

The company has a market capitalization of $11.68 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.46 and a beta of 1.22. The company’s 50 day simple moving average is $9.75 and its 200-day simple moving average is $8.75. The company has a current ratio of 1.61, a quick ratio of 0.63 and a debt-to-equity ratio of 0.18.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.05. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.32 billion. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The company’s revenue was up 29.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 EPS. On average, equities research analysts predict that Kinross Gold Co. will post 0.69 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th will be issued a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 annualized dividend and a dividend yield of 1.26%. Kinross Gold’s payout ratio is currently 19.67%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Artemis Investment Management LLP raised its stake in shares of Kinross Gold by 321.5% during the second quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock valued at $55,707,000 after purchasing an additional 5,107,120 shares during the period. First Eagle Investment Management LLC purchased a new stake in shares of Kinross Gold during the first quarter valued at approximately $23,907,000. Allspring Global Investments Holdings LLC raised its stake in shares of Kinross Gold by 634.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,942,042 shares of the mining company’s stock valued at $36,971,000 after purchasing an additional 3,405,478 shares during the period. National Bank of Canada FI raised its stake in shares of Kinross Gold by 31.2% during the second quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock valued at $78,946,000 after purchasing an additional 2,267,999 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Kinross Gold by 64.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,749,480 shares of the mining company’s stock valued at $29,115,000 after purchasing an additional 1,856,478 shares during the period. 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.