Kinross Gold (NYSE:KGC) Hits New 1-Year Low – Time to Sell?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price hit a new 52-week low during mid-day trading on Friday. The company traded as low as $21.83 and last traded at $22.2610, with a volume of 1,443,175 shares trading hands. The stock had previously closed at $22.68.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on KGC shares. Citigroup reissued a “buy” rating on shares of Kinross Gold in a report on Monday, September 28th. Scotiabank lowered their target price on Kinross Gold from $41.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, September 24th. Weiss Ratings upgraded Kinross Gold from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. Finally, RBC Dominion Securities set a $39.00 price objective on Kinross Gold and gave the company an “outperform” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.30.

Kinross Gold Stock Down 1.3%

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The stock has a market cap of $26.44 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 0.79 and a beta of 0.82. The company’s fifty day moving average price is $27.28 and its 200-day moving average price is $27.46.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the company posted $0.44 earnings per share. The firm’s quarterly revenue was up 29.5% on a year-over-year basis. Equities analysts forecast that Kinross Gold Corporation will post 2.41 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is currently 6.06%.

Institutional Investors Weigh In On Kinross Gold

A number of large investors have recently made changes to their positions in KGC. Allianz Asset Management GmbH raised its position in Kinross Gold by 17.0% during the second quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company’s stock valued at $227,141,000 after acquiring an additional 1,395,576 shares in the last quarter. U S Global Investors Inc. increased its holdings in Kinross Gold by 95.4% in the 1st quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock valued at $5,962,000 after purchasing an additional 95,363 shares during the last quarter. SteelPeak Wealth LLC purchased a new stake in Kinross Gold during the first quarter worth about $2,263,000. Deutsche Bank AG purchased a new position in shares of Kinross Gold in the 2nd quarter valued at about $217,800,000. Finally, Andra AP fonden grew its stake in shares of Kinross Gold by 10.0% during the second quarter. Andra AP fonden now owns 867,872 shares of the mining company’s stock worth $20,499,000 after purchasing an additional 78,900 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.