Kinross Gold (NYSE:KGC) Hits New 52-Week Low – Here’s What Happened

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price reached a new 52-week low on Wednesday. The stock traded as low as $21.96 and last traded at $21.9560, with a volume of 4,450,811 shares changing hands. The stock had previously closed at $23.44.

Analyst Ratings Changes

Several analysts have issued reports on KGC shares. Royal Bank Of Canada dropped their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. TD Securities decreased their price objective on shares of Kinross Gold from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. Scotia lowered their price objective on shares of Kinross Gold from $41.00 to $39.00 and set a “sector outperform” rating on the stock in a research note on Thursday, September 24th. Weiss Ratings upgraded shares of Kinross Gold from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, UBS Group dropped their target price on shares of Kinross Gold from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.89.

Kinross Gold Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The firm has a market capitalization of $28.22 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 0.73 and a beta of 0.82. The business has a fifty day moving average of $27.66 and a two-hundred day moving average of $27.71.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, research analysts predict that Kinross Gold Corporation will post 2.43 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were given a $0.04 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. Kinross Gold’s dividend payout ratio is presently 6.06%.

Institutional Trading of Kinross Gold

Hedge funds have recently modified their holdings of the stock. Allianz Asset Management GmbH grew its position in shares of Kinross Gold by 17.0% in the second quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company’s stock valued at $227,141,000 after purchasing an additional 1,395,576 shares during the last quarter. U S Global Investors Inc. lifted its holdings in Kinross Gold by 95.4% during the 1st quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock worth $5,962,000 after purchasing an additional 95,363 shares during the last quarter. SteelPeak Wealth LLC acquired a new stake in Kinross Gold during the 1st quarter worth approximately $2,263,000. Deutsche Bank AG acquired a new stake in Kinross Gold during the 2nd quarter worth approximately $217,800,000. Finally, Man Group plc boosted its stake in 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 purchasing an additional 882,373 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.