Kinross Gold (NYSE:KGC) Stock Gets Price Target Trim from Canadian Imperial Bank of Commerce

Kinross Gold (NYSE:KGC) (TSE:K) had its price target decreased by Canadian Imperial Bank of Commerce from $34.00 to $33.00 in a report published on Tuesday,Benzinga reports. Canadian Imperial Bank of Commerce currently has an outperformer rating on the mining company’s stock.

Several other equities analysts also recently commented on the stock. Royal Bank Of Canada cut their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Canaccord Genuity Group reduced their price objective on shares of Kinross Gold from $52.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. 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 note on Thursday, September 24th. Scotiabank dropped their target price on Kinross Gold from $41.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, September 24th. Finally, TD cut their target price on Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Kinross Gold has a consensus rating of “Moderate Buy” and a consensus price target of $37.98.

Kinross Gold Trading Up 0.7%

KGC stock opened at $21.57 on Tuesday. The company has a quick ratio of 1.89, a current ratio of 2.87 and a debt-to-equity ratio of 0.07. Kinross Gold has a twelve month low of $19.70 and a twelve month high of $39.11. The stock has a market capitalization of $25.41 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 0.70 and a beta of 0.83. The firm’s fifty day simple moving average is $25.48 and its two-hundred day simple moving average is $28.59.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, October 28th. The mining company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.04. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.94 billion. Kinross Gold had a net margin of 37.62% and a return on equity of 32.84%. As a group, analysts anticipate that Kinross Gold will post 2.39 earnings per share for the current year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Thursday, November 19th will be issued a $0.04 dividend. The ex-dividend date is Thursday, November 19th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. Kinross Gold’s payout ratio is presently 6.04%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Man Group plc bought a new position in Kinross Gold in the second quarter worth about $298,152,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Kinross Gold during the second quarter valued at about $264,652,000. Legal & General Group Plc bought a new stake in shares of Kinross Gold in the 2nd quarter valued at about $244,762,000. The Manufacturers Life Insurance Company bought a new stake in shares of Kinross Gold in the 2nd quarter valued at about $222,974,000. Finally, Deutsche Bank AG bought a new stake in shares of Kinross Gold in the 2nd quarter valued at about $217,800,000. Institutional investors own 63.69% of the company’s stock.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.