Kinross Gold (NYSE:KGC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a strong-buy rating in a report released on Sunday.

Other equities research analysts have also issued reports about the company. Scotiabank reiterated an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Raymond James Financial lifted their target price on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. CIBC boosted their target price on shares of Kinross Gold from $37.00 to $38.50 and gave the stock an “outperform” rating in a research report on Friday. Zacks Research raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $33.00 price objective on shares of Kinross Gold in a report on Sunday, December 7th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Kinross Gold currently has an average rating of “Buy” and a consensus target price of $30.56.

Kinross Gold Stock Up 1.1%

KGC stock opened at $33.61 on Friday. The company has a 50 day moving average of $28.19 and a two-hundred day moving average of $23.46. The company has a market cap of $40.33 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 0.41 and a beta of 0.75. Kinross Gold has a 12-month low of $10.06 and a 12-month high of $34.02. The company has a quick ratio of 1.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. Kinross Gold’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. On average, equities analysts anticipate that Kinross Gold will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th were issued a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a yield of 0.4%. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date was Wednesday, November 26th. Kinross Gold’s dividend payout ratio is currently 9.79%.

Hedge Funds Weigh In On Kinross Gold

Institutional investors have recently made changes to their positions in the business. Caitlin John LLC acquired a new stake in Kinross Gold in the 3rd quarter valued at approximately $26,000. Virtus Advisers LLC bought a new stake in shares of Kinross Gold in the third quarter valued at approximately $28,000. GPS Wealth Strategies Group LLC bought a new stake in shares of Kinross Gold in the third quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in Kinross Gold during the third quarter worth $31,000. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares during the period. 63.69% of the stock is currently owned by institutional investors.

About Kinross Gold

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.