Kinross Gold Corporation (NYSE:KGC) Receives $38.43 Average PT from Brokerages

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $38.4286.

A number of analysts have recently weighed in on KGC shares. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. Weiss Ratings lowered shares of Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Jefferies Financial Group lowered their price target on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Royal Bank Of Canada cut their price objective on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Finally, Zacks Research raised Kinross Gold from a “strong sell” rating to a “hold” rating in a report on Monday, September 7th.

Institutional Investors Weigh In On Kinross Gold

Several hedge funds have recently made changes to their positions in KGC. Renaissance Technologies LLC increased its position in shares of Kinross Gold by 2.3% during the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company’s stock valued at $779,677,000 after purchasing an additional 571,100 shares during the period. Norges Bank bought a new stake in Kinross Gold in the 4th quarter valued at $518,656,000. Geode Capital Management LLC raised its stake in shares of Kinross Gold by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 12,987,140 shares of the mining company’s stock valued at $383,694,000 after buying an additional 701,650 shares in the last quarter. Man Group plc raised its stake in shares of Kinross Gold by 7.6% in the 4th quarter. Man Group plc now owns 12,526,669 shares of the mining company’s stock valued at $352,751,000 after buying an additional 882,373 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Kinross Gold by 9.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,014,321 shares of the mining company’s stock valued at $305,888,000 after buying an additional 854,802 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Up 3.4%

Shares of Kinross Gold stock opened at $28.73 on Friday. Kinross Gold has a 1 year low of $22.01 and a 1 year high of $39.11. The company has a market cap of $34.03 billion, a P/E ratio of 10.88, a P/E/G ratio of 0.67 and a beta of 0.84. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $27.55 and a 200 day moving average price of $28.45.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 earnings per share. As a group, analysts expect that Kinross Gold will post 2.56 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is currently 6.06%.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company’s operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.