Kinross Gold Corporation (NYSE:KGC) Plans $0.03 Quarterly Dividend

Key Points

• Kinross Gold Corporation has announced a quarterly dividend of $0.03 per share, with the payment scheduled for September 4th for investors on record as of August 21st, representing an annualized yield of 0.8%.
• The company's recent quarterly earnings surpassed expectations, reporting $0.44 earnings per share and $1.75 billion in revenue, indicating a 41.7% increase in revenue compared to the previous year.
• Kinross Gold's stock price rose by 3.7%, reaching $16.00, amidst a favorable market performance reflecting a stable financial position with a low debt-to-equity ratio of 0.17.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K declared a quarterly dividend on Thursday, July 31st, Wall Street Journal reports. Stockholders of record on Thursday, August 21st will be given a dividend of 0.03 per share by the mining company on Thursday, September 4th. This represents a c) dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 21st.

Kinross Gold has a payout ratio of 9.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Kinross Gold to earn $0.82 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 14.6%.

Kinross Gold Trading Up 4.7%

Shares of Kinross Gold stock traded up $0.76 during trading hours on Monday, reaching $16.97. The stock had a trading volume of 3,393,665 shares, compared to its average volume of 20,921,252. The firm has a market capitalization of $20.68 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 0.55 and a beta of 0.55. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold has a 1 year low of $7.84 and a 1 year high of $17.07. The firm has a 50 day simple moving average of $15.50 and a two-hundred day simple moving average of $13.59.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.33 by $0.11. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%. The company's revenue was up 41.7% on a year-over-year basis. During the same period last year, the business posted $0.14 EPS. As a group, equities research analysts anticipate that Kinross Gold will post 0.81 earnings per share for the current year.

Institutional Investors Weigh In On Kinross Gold

Several hedge funds and other institutional investors have recently modified their holdings of KGC. Boston Partners increased its position in shares of Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock worth $632,797,000 after purchasing an additional 12,705,061 shares during the last quarter. Man Group plc increased its position in shares of Kinross Gold by 174.2% in the 4th quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after purchasing an additional 5,871,904 shares during the last quarter. Artemis Investment Management LLP increased its holdings in shares of Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after acquiring an additional 5,400,447 shares during the last quarter. AustralianSuper Pty Ltd raised its position in shares of Kinross Gold by 127.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 6,107,913 shares of the mining company's stock valued at $95,509,000 after acquiring an additional 3,419,440 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Kinross Gold by 95.7% during the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock worth $87,639,000 after purchasing an additional 3,398,687 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.