Kinross Gold (NYSE:KGC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a strong-buy rating in a research note published on Saturday morning.

Several other equities analysts have also issued reports on the company. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. CIBC upped their target price on Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday. UBS Group raised their price target on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Canaccord Genuity Group lifted their price target on Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Cormark cut Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Four analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $27.69.

Kinross Gold Stock Up 0.5%

KGC stock opened at $24.35 on Friday. The stock has a market cap of $29.40 billion, a P/E ratio of 19.64, a PEG ratio of 0.42 and a beta of 0.60. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold has a twelve month low of $8.99 and a twelve month high of $27.84. The company’s 50 day moving average is $24.40 and its two-hundred day moving average is $19.50.

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

Kinross Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Wednesday, November 26th. Kinross Gold’s payout ratio is presently 9.79%.

Institutional Investors Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently modified their holdings of KGC. Goldman Sachs Group Inc. boosted its position in shares of Kinross Gold by 95.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after buying an additional 3,398,687 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its position in Kinross Gold by 21.9% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock worth $4,076,000 after acquiring an additional 57,966 shares during the last quarter. Sprott Inc. lifted its holdings in shares of Kinross Gold by 1.7% in the first quarter. Sprott Inc. now owns 2,932,567 shares of the mining company’s stock valued at $36,976,000 after purchasing an additional 48,905 shares in the last quarter. Bayforest Capital Ltd grew its position in shares of Kinross Gold by 30.2% in the second quarter. Bayforest Capital Ltd now owns 55,218 shares of the mining company’s stock valued at $863,000 after purchasing an additional 12,821 shares during the last quarter. Finally, Truist Financial Corp increased its stake in shares of Kinross Gold by 9.0% during the 2nd quarter. Truist Financial Corp now owns 302,645 shares of the mining company’s stock worth $4,730,000 after purchasing an additional 25,093 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Company Profile

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.