Kinross Gold (TSE:K) Shares Up 1.7% – Here’s Why

Kinross Gold Co. (TSE:K) (NYSE:KGC) rose 1.7% during trading on Monday . The stock traded as high as C$17.90 and last traded at C$17.04. Approximately 1,616,492 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 3,534,163 shares. The stock had previously closed at C$16.75.

Wall Street Analysts Forecast Growth

K has been the topic of a number of recent analyst reports. National Bank Financial raised Kinross Gold to a “strong-buy” rating in a report on Friday, March 21st. Stifel Canada raised Kinross Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, National Bankshares boosted their price target on Kinross Gold from C$22.00 to C$23.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 2nd. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Kinross Gold has an average rating of “Buy” and a consensus target price of C$17.30.

Kinross Gold Price Performance

The business has a 50-day simple moving average of C$16.66 and a two-hundred day simple moving average of C$14.87. The company has a quick ratio of 1.11, a current ratio of 1.61 and a debt-to-equity ratio of 18.81. The stock has a market capitalization of C$14.82 billion, a price-to-earnings ratio of 20.06, a P/E/G ratio of -0.60 and a beta of 1.24.

Kinross Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.70%. Kinross Gold’s dividend payout ratio is presently 18.84%.

Insider Activity at Kinross Gold

In related news, Director George Vincent Albino acquired 5,000 shares of Kinross Gold stock in a transaction dated Tuesday, February 18th. The stock was acquired at an average cost of C$16.07 per share, with a total value of C$80,369.87. Also, Senior Officer Geoffrey Peters Gold sold 99,347 shares of Kinross Gold stock in a transaction on Friday, February 28th. The stock was sold at an average price of C$15.22, for a total value of C$1,512,061.34. Insiders sold 349,670 shares of company stock valued at $5,366,186 over the last 90 days. 0.26% of the stock is currently owned by corporate insiders.

About Kinross Gold

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia.