CIBC Boosts Kinross Gold (NYSE:KGC) Price Target to $12.00

Kinross Gold (NYSE:KGC) (TSE:K) had its price target lifted by CIBC from $8.15 to $12.00 in a report published on Wednesday, Benzinga reports. CIBC currently has an outperformer rating on the mining company’s stock.

Several other analysts have also weighed in on the company. Cormark raised Kinross Gold from a hold rating to a moderate buy rating in a research note on Thursday, May 9th. Jefferies Financial Group raised their price objective on Kinross Gold from $5.00 to $6.00 and gave the company a hold rating in a research note on Monday, April 22nd. StockNews.com raised Kinross Gold from a hold rating to a buy rating in a research note on Tuesday, April 2nd. BMO Capital Markets raised their price objective on Kinross Gold from $10.00 to $11.50 and gave the company an outperform rating in a research note on Tuesday, May 21st. Finally, National Bank Financial reaffirmed an outperform overweight rating on shares of Kinross Gold in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Kinross Gold presently has a consensus rating of Moderate Buy and an average target price of $8.57.

Kinross Gold Stock Up 0.3 %

Shares of NYSE KGC opened at $9.21 on Wednesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.45 and a current ratio of 1.15. Kinross Gold has a 52 week low of $4.32 and a 52 week high of $9.29. The stock has a market capitalization of $11.32 billion, a P/E ratio of 25.58, a PEG ratio of 0.59 and a beta of 1.19. The stock’s fifty day moving average is $7.91 and its 200 day moving average is $6.51.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Tuesday, May 7th. The mining company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. Kinross Gold had a return on equity of 9.34% and a net margin of 9.86%. The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the business earned $0.07 earnings per share. Kinross Gold’s revenue was up 16.4% on a year-over-year basis. Sell-side analysts forecast that Kinross Gold will post 0.52 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Thursday, May 30th. Kinross Gold’s payout ratio is 33.33%.

Hedge Funds Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in shares of Kinross Gold by 9.5% in the first quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock worth $925,392,000 after acquiring an additional 13,099,791 shares during the period. Vanguard Group Inc. lifted its stake in shares of Kinross Gold by 1.1% in the first quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock worth $278,486,000 after acquiring an additional 497,531 shares during the period. Norges Bank acquired a new position in shares of Kinross Gold in the fourth quarter worth approximately $265,327,000. Ruffer LLP lifted its stake in shares of Kinross Gold by 4.6% in the fourth quarter. Ruffer LLP now owns 19,968,341 shares of the mining company’s stock worth $120,908,000 after acquiring an additional 877,104 shares during the period. Finally, Boston Partners lifted its stake in shares of Kinross Gold by 7.9% in the first quarter. Boston Partners now owns 18,226,824 shares of the mining company’s stock worth $111,730,000 after acquiring an additional 1,328,372 shares during the period. 63.69% of the stock is 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.