Kinross Gold (NYSE:KGC) Sets New 1-Year High – Time to Buy?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price hit a new 52-week high on Monday . The company traded as high as $38.77 and last traded at $39.0170, with a volume of 1726277 shares changing hands. The stock had previously closed at $37.16.

Analyst Upgrades and Downgrades

Several brokerages have commented on KGC. Desjardins started coverage on shares of Kinross Gold in a report on Friday, November 28th. They set a “buy” rating on the stock. UBS Group boosted their price objective on shares of Kinross Gold from $33.00 to $37.50 and gave the stock a “buy” rating in a research note on Friday, January 16th. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Cormark downgraded Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Finally, Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. Four analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $30.56.

Kinross Gold Stock Up 4.3%

The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $29.22 and a 200 day simple moving average of $24.17. The firm has a market capitalization of $46.51 billion, a PE ratio of 27.00, a PEG ratio of 0.43 and a beta of 0.75.

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 for the quarter, beating the consensus estimate of $0.39 by $0.05. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The firm’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.24 EPS. As a group, sell-side analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th were issued a $0.035 dividend. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date was Wednesday, November 26th. This represents a $0.14 annualized dividend and a yield of 0.4%. Kinross Gold’s dividend payout ratio (DPR) is currently 9.79%.

Institutional Investors Weigh In On Kinross Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in shares of Kinross Gold by 35.1% during the first quarter. AQR Capital Management LLC now owns 70,370 shares of the mining company’s stock valued at $887,000 after purchasing an additional 18,287 shares during the last quarter. Caxton Associates LLP bought a new stake in Kinross Gold in the first quarter worth $158,000. Sivia Capital Partners LLC purchased a new stake in shares of Kinross Gold in the second quarter worth $167,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Kinross Gold by 19.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 29,935 shares of the mining company’s stock valued at $475,000 after acquiring an additional 4,931 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Kinross Gold by 81.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 10,153 shares of the mining company’s stock worth $159,000 after purchasing an additional 4,554 shares during the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Company Profile

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.