Kinross Gold (NYSE:KGC) Hits New 12-Month High – Should You Buy?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $28.86 and last traded at $28.75, with a volume of 4503764 shares traded. The stock had previously closed at $27.26.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on KGC shares. Jefferies Financial Group reissued a “buy” rating and set a $33.00 price objective on shares of Kinross Gold in a research report on Sunday. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Raymond James Financial increased their price objective on Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Wall Street Zen cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 30th. Finally, UBS Group increased their price target on shares of Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $29.81.

Kinross Gold Stock Performance

The firm’s 50 day moving average price is $25.30 and its 200-day moving average price is $20.67. The firm has a market cap of $34.47 billion, a price-to-earnings ratio of 19.97, a P/E/G ratio of 0.39 and a beta of 0.74. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.83 and a quick ratio of 1.68.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results 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. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. During the same period in the prior year, the firm earned $0.24 EPS. The business’s revenue was up 25.8% on a year-over-year basis. On average, analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th were issued a $0.035 dividend. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $0.14 annualized dividend and a yield of 0.5%. Kinross Gold’s payout ratio is currently 9.79%.

Institutional Trading of Kinross Gold

A number of institutional investors and hedge funds have recently modified their holdings of the company. Laird Norton Wetherby Wealth Management LLC lifted its position in Kinross Gold by 2.1% in the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock worth $629,000 after purchasing an additional 521 shares during the period. Ballentine Partners LLC increased its holdings in Kinross Gold by 1.8% in the 3rd quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company’s stock valued at $799,000 after buying an additional 565 shares during the period. Cadence Wealth Management LLC raised its stake in shares of Kinross Gold by 1.3% in the 3rd quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock valued at $1,149,000 after buying an additional 581 shares in the last quarter. Parallel Advisors LLC lifted its holdings in shares of Kinross Gold by 7.0% during the 3rd quarter. Parallel Advisors LLC now owns 9,018 shares of the mining company’s stock worth $224,000 after acquiring an additional 587 shares during the period. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of Kinross Gold by 85.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after acquiring an additional 589 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors.

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.