Kinross Gold (NYSE:KGC) Trading Up 10.4% – Here’s What Happened

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) were up 10.4% on Wednesday . The stock traded as high as $29.80 and last traded at $29.9460. 3,654,313 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 9,564,883 shares. The stock had previously closed at $27.12.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on KGC shares. Scotiabank dropped their target price on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Royal Bank Of Canada lowered their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Weiss Ratings lowered shares of Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Kinross Gold from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Kinross Gold presently has a consensus rating of “Moderate Buy” and an average price target of $38.43.

Kinross Gold Trading Up 8.5%

The firm has a market capitalization of $34.91 billion, a PE ratio of 11.16, a price-to-earnings-growth ratio of 0.73 and a beta of 0.78. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The company’s 50-day simple moving average is $24.85 and its 200 day simple moving average is $29.14.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The firm had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the business posted $0.44 EPS. Kinross Gold’s revenue was up 29.5% on a year-over-year basis. As a group, sell-side analysts expect that Kinross Gold Corporation will post 2.63 EPS for the current year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold’s payout ratio is 6.06%.

Institutional Investors Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KGC. Virtus Advisers LLC purchased a new stake in shares of Kinross Gold during the third quarter worth about $28,000. Ascentis Independent Advisors purchased a new position in shares of Kinross Gold in the 1st quarter valued at approximately $29,000. Caitlin John LLC boosted its stake in Kinross Gold by 42.1% in the 2nd quarter. Caitlin John LLC now owns 1,350 shares of the mining company’s stock worth $32,000 after purchasing an additional 400 shares in the last quarter. Harvest Fund Management Co. Ltd boosted its stake in 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 worth $32,000 after purchasing an additional 589 shares in the last quarter. Finally, Elevated Capital Advisors LLC purchased a new stake in Kinross Gold during the 4th quarter worth approximately $36,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

About Kinross Gold

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.