Kinross Gold Co. Expected to Earn Q3 2024 Earnings of $0.16 Per Share (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities research analysts at Raymond James lifted their Q3 2024 earnings per share estimates for shares of Kinross Gold in a report issued on Monday, September 23rd. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings of $0.16 per share for the quarter, up from their previous estimate of $0.12. The consensus estimate for Kinross Gold’s current full-year earnings is $0.60 per share. Raymond James also issued estimates for Kinross Gold’s Q4 2024 earnings at $0.19 EPS and FY2024 earnings at $0.60 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the prior year, the company earned $0.14 earnings per share. The business’s quarterly revenue was up 11.6% compared to the same quarter last year.

KGC has been the subject of several other reports. Jefferies Financial Group upped their price objective on Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research report on Friday, July 12th. StockNews.com downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. CIBC lifted their price objective on shares of Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Finally, Scotiabank increased their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $9.33.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $9.81 on Wednesday. The company has a fifty day moving average price of $9.00 and a 200 day moving average price of $7.84. The firm has a market cap of $12.06 billion, a PE ratio of 27.25, a PEG ratio of 0.55 and a beta of 1.23. The company has a current ratio of 1.27, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. Kinross Gold has a 1-year low of $4.32 and a 1-year high of $10.10.

Hedge Funds Weigh In On Kinross Gold

Institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its stake in 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 valued at $925,392,000 after acquiring an additional 13,099,791 shares during the last quarter. Artemis Investment Management LLP grew its holdings in Kinross Gold by 321.5% during the second quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock worth $55,707,000 after purchasing an additional 5,107,120 shares during the period. First Eagle Investment Management LLC acquired a new position in Kinross Gold during the first quarter worth approximately $23,907,000. CIBC Asset Management Inc raised its stake in Kinross Gold by 183.9% in the fourth quarter. CIBC Asset Management Inc now owns 4,445,008 shares of the mining company’s stock valued at $26,990,000 after buying an additional 2,879,269 shares during the period. Finally, National Bank of Canada FI raised its stake in Kinross Gold by 31.2% in the second quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock valued at $78,946,000 after buying an additional 2,267,999 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s payout ratio is presently 33.33%.

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.