Brokers Set Expectations for Kinross Gold Co.’s FY2024 Earnings (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Analysts at Raymond James increased their FY2024 earnings estimates for shares of Kinross Gold in a note issued to investors on Monday, July 22nd. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings of $0.49 per share for the year, up from their previous forecast of $0.48. The consensus estimate for Kinross Gold’s current full-year earnings is $0.57 per share.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group increased their price target on Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a report on Friday, July 12th. CIBC increased their target price on Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. Cormark upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Thursday, May 9th. Finally, 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 report on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.57.

Kinross Gold Stock Down 3.6 %

Kinross Gold stock opened at $8.54 on Wednesday. Kinross Gold has a fifty-two week low of $4.32 and a fifty-two week high of $9.41. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.15 and a quick ratio of 0.45. The firm has a market capitalization of $10.49 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 0.54 and a beta of 1.19. The company’s 50 day simple moving average is $8.18 and its 200 day simple moving average is $6.69.

Kinross Gold (NYSE:KGC) (TSE:K) last released its 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 net margin of 9.86% and a return on equity of 9.34%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the previous year, the business earned $0.07 EPS. The business’s quarterly revenue was up 16.4% compared to the same quarter last year.

Institutional Investors Weigh In On Kinross Gold

Hedge funds and other institutional investors have recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in Kinross Gold in the 4th quarter worth about $44,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Kinross Gold in the fourth quarter valued at approximately $53,000. Fifth Third Bancorp boosted its stake in shares of Kinross Gold by 3,524.4% in the second quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock valued at $80,000 after buying an additional 9,375 shares during the period. Advisor Resource Council bought a new position in Kinross Gold during the 1st quarter worth $60,000. Finally, Sivia Capital Partners LLC bought a new stake in shares of Kinross Gold during the 4th quarter valued at $63,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Investors of record on Thursday, May 30th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend was Thursday, May 30th. Kinross Gold’s payout ratio is presently 33.33%.

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.