Kinross Gold (NYSE:KGC) Trading Up 4.5% – Here’s Why

Kinross Gold Co. (NYSE:KGC) (TSE:K) shares were up 4.5% on Wednesday . The stock traded as high as $10.35 and last traded at $10.35. Approximately 20,047,469 shares traded hands during trading, an increase of 4% from the average daily volume of 19,288,381 shares. The stock had previously closed at $9.90.

Wall Street Analyst Weigh In

Several brokerages have commented on KGC. StockNews.com raised shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 9th. Jefferies Financial Group boosted their target price on Kinross Gold from $9.00 to $10.00 and gave the stock a “hold” rating in a research note on Friday, October 4th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $11.13.

Kinross Gold Stock Performance

The stock has a 50 day simple moving average of $9.75 and a two-hundred day simple moving average of $9.37. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 0.44 and a beta of 1.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the company posted $0.12 earnings per share. The firm’s quarterly revenue was up 29.9% compared to the same quarter last year. As a group, analysts anticipate that Kinross Gold Co. will post 0.7 earnings per share for the current year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 28th were paid a dividend of $0.03 per share. The ex-dividend date was Wednesday, November 27th. This represents a $0.12 annualized dividend and a yield of 1.15%. Kinross Gold’s dividend payout ratio is currently 19.67%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently made changes to their positions in the company. Corundum Trust Company INC purchased a new stake in shares of Kinross Gold in the 3rd quarter valued at about $94,000. OneDigital Investment Advisors LLC acquired a new position in Kinross Gold during the third quarter worth approximately $94,000. EP Wealth Advisors LLC purchased a new stake in Kinross Gold in the third quarter valued at approximately $95,000. Fiera Capital Corp acquired a new stake in shares of Kinross Gold in the third quarter valued at approximately $99,000. Finally, M&T Bank Corp purchased a new position in shares of Kinross Gold during the third quarter worth approximately $100,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

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.