Kinross Gold (NYSE:KGC) Trading Up 2.7% – Here’s What Happened

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s share price was up 2.7% during mid-day trading on Friday . The company traded as high as $28.33 and last traded at $28.18. Approximately 5,514,291 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 18,899,605 shares. The stock had previously closed at $27.44.

Analyst Upgrades and Downgrades

KGC has been the topic of several research analyst reports. Desjardins initiated coverage on shares of Kinross Gold in a research report on Friday. They issued a “buy” rating on the stock. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. UBS Group raised their target price on Kinross Gold from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Canaccord Genuity Group increased their price objective on Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a research note on Thursday, August 7th. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $27.69.

Kinross Gold Trading Up 2.7%

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The firm has a market cap of $34.02 billion, a PE ratio of 22.73, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company’s 50 day moving average price is $24.73 and its 200 day moving average price is $19.79.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.Kinross Gold’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. As a group, analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be given a $0.035 dividend. The ex-dividend date is Wednesday, November 26th. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s payout ratio is 9.79%.

Institutional Trading of Kinross Gold

Several large investors have recently bought and sold shares of the company. Caitlin John LLC acquired a new stake in shares of Kinross Gold during the third quarter valued at $26,000. Virtus Advisers LLC purchased a new position in Kinross Gold in the third quarter valued at about $28,000. GPS Wealth Strategies Group LLC acquired a new stake in Kinross Gold in the third quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of Kinross Gold during the third quarter valued at about $31,000. Finally, Harvest Fund Management Co. Ltd raised its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

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.