Cormark Has Strong Forecast for Kinross Gold FY2024 Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities researchers at Cormark raised their FY2024 earnings estimates for shares of Kinross Gold in a note issued to investors on Thursday, November 7th. Cormark analyst R. Gray now anticipates that the mining company will post earnings of $0.73 per share for the year, up from their prior estimate of $0.59. The consensus estimate for Kinross Gold’s current full-year earnings is $0.66 per share. Cormark also issued estimates for Kinross Gold’s Q4 2024 earnings at $0.24 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $0.86 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Tuesday, November 5th. The mining company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share.

Several other research firms have also recently weighed in on KGC. Jefferies Financial Group upped their price objective on shares of 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 report on Friday, November 1st. Finally, Scotiabank increased their price target 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. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Kinross Gold presently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Kinross Gold Trading Up 8.6 %

Shares of Kinross Gold stock opened at $10.70 on Friday. The company has a current ratio of 1.61, a quick ratio of 0.52 and a debt-to-equity ratio of 0.18. The company’s 50-day moving average price is $9.71 and its 200-day moving average price is $8.68. The company has a market cap of $13.14 billion, a price-to-earnings ratio of 17.53, a PEG ratio of 0.50 and a beta of 1.22. Kinross Gold has a 12-month low of $4.75 and a 12-month high of $10.82.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Wednesday, November 27th. Kinross Gold’s dividend payout ratio is 19.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Daiwa Securities Group Inc. lifted its stake in Kinross Gold by 616.7% in the first quarter. Daiwa Securities Group Inc. now owns 25,800 shares of the mining company’s stock worth $158,000 after acquiring an additional 22,200 shares during the period. Quantbot Technologies LP purchased a new position in Kinross Gold during the first quarter valued at $1,095,000. Primoris Wealth Advisors LLC bought a new position in shares of Kinross Gold during the first quarter valued at $164,000. First Eagle Investment Management LLC bought a new stake in Kinross Gold in the 1st quarter worth about $23,907,000. Finally, Anthracite Investment Company Inc. increased its holdings in Kinross Gold by 40.2% in the 1st quarter. Anthracite Investment Company Inc. now owns 140,241 shares of the mining company’s stock worth $860,000 after buying an additional 40,241 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

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.