Kinross Gold (NYSE:KGC) Stock Price Down 2% – Here’s What Happened

by · The Markets Daily

Kinross Gold Corporation (NYSE:KGC – Get Free Report) (TSE:K)’s stock price was down 2% during mid-day trading on Monday . The company traded as low as $24.82 and last traded at $24.9350. Approximately 7,858,803 shares traded hands during trading, a decline of 59% from the average daily volume of 19,298,273 shares. The stock had previously closed at $25.44.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on KGC shares. TD Securities lifted their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Zacks Research raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Raymond James Financial increased their price target on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Finally, Wall Street Zen cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Four research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $27.56.

View Our Latest Analysis on Kinross Gold

Kinross Gold Stock Performance

The firm has a market capitalization of $30.10 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The stock’s fifty day moving average is $24.25 and its two-hundred day moving average is $19.25.

Kinross Gold (NYSE:KGC – Get Free Report) (TSE:K) last posted its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 EPS. Analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be paid a dividend of $0.035 per share. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date is Wednesday, November 26th. This represents a $0.14 annualized dividend and a dividend yield of 0.6%. Kinross Gold’s dividend payout ratio (DPR) is currently 9.79%.

Institutional Trading of Kinross Gold

Several institutional investors have recently added to or reduced their stakes in KGC. Caitlin John LLC acquired a new stake in shares of Kinross Gold in the 3rd quarter valued at about $26,000. Virtus Advisers LLC bought a new stake in Kinross Gold in the third quarter valued at about $28,000. GPS Wealth Strategies Group LLC acquired a new stake in Kinross Gold during the third quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Kinross Gold during the 3rd quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd grew its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after acquiring an additional 589 shares in the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Company Profile

(Get Free Report)

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.

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