Kinross Gold (NYSE:KGC) Trading Down 5.3% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K)’s stock price dropped 5.3% during mid-day trading on Thursday . The stock traded as low as $24.18 and last traded at $24.2060. Approximately 8,038,981 shares were traded during trading, a decline of 58% from the average daily volume of 19,149,307 shares. The stock had previously closed at $25.56.

Wall Street Analysts Forecast Growth

KGC has been the subject of several research reports. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Cormark cut Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. UBS Group raised their target price on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Canaccord Genuity Group increased their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a research note on Thursday, August 7th. Four analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $27.69.

Kinross Gold Stock Down 5.3%

The firm has a 50 day moving average price of $24.38 and a 200-day moving average price of $19.40. The firm has a market cap of $29.22 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. The firm had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 EPS. As a group, equities analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be given a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is presently 9.79%.

Institutional Investors Weigh In On Kinross Gold

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitlin John LLC bought a new position in Kinross Gold during the third quarter worth about $26,000. Virtus Advisers LLC bought a new stake in shares of Kinross Gold in the 3rd quarter valued at about $28,000. GPS Wealth Strategies Group LLC acquired a new stake in shares of Kinross Gold in the 3rd quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Kinross Gold during the 3rd quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd boosted its stake in Kinross Gold by 85.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after acquiring an additional 589 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.