Kinross Gold (NYSE:KGC) Sets New 52-Week High – Here’s What Happened

Kinross Gold Corporation (NYSE:KGC) (TSE:K) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $19.81 and last traded at $19.65, with a volume of 2692687 shares traded. The stock had previously closed at $19.60.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on KGC. UBS Group began coverage on Kinross Gold in a report on Monday, August 4th. They issued a “buy” rating and a $20.00 target price for the company. Royal Bank Of Canada increased their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a “sector perform” rating in a report on Wednesday, June 4th. National Bankshares reaffirmed an “outperform” rating on shares of Kinross Gold in a report on Tuesday, June 24th. Raymond James Financial raised Kinross Gold to a “hold” rating and set a $15.00 price target for the company in a report on Monday, June 30th. Finally, CIBC raised their price target on Kinross Gold from $21.00 to $22.00 and gave the company an “outperformer” rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Kinross Gold currently has a consensus rating of “Buy” and an average price target of $20.07.

Kinross Gold Trading Up 1.0%

The company has a market capitalization of $24.06 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 0.65 and a beta of 0.55. The business has a fifty day moving average price of $16.63 and a 200 day moving average price of $14.42. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.11. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company’s quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 earnings per share. On average, analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.6%. The ex-dividend date is Thursday, August 21st. Kinross Gold’s dividend payout ratio is presently 9.68%.

Institutional Trading of Kinross Gold

Several institutional investors and hedge funds have recently bought and sold shares of KGC. Transce3nd LLC raised its stake in Kinross Gold by 128.2% in the second quarter. Transce3nd LLC now owns 2,914 shares of the mining company’s stock valued at $46,000 after buying an additional 1,637 shares during the period. Banque Cantonale Vaudoise bought a new stake in Kinross Gold in the first quarter valued at approximately $55,000. Farther Finance Advisors LLC raised its stake in Kinross Gold by 188.6% in the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company’s stock valued at $71,000 after buying an additional 3,659 shares during the period. Headlands Technologies LLC bought a new stake in Kinross Gold in the first quarter valued at approximately $77,000. Finally, MAI Capital Management raised its stake in Kinross Gold by 22.0% in the second quarter. MAI Capital Management now owns 5,022 shares of the mining company’s stock valued at $78,000 after buying an additional 907 shares during the period. 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.