Kinross Gold (NYSE:KGC) Hits New 1-Year High - Here's Why

Key Points

• Kinross Gold's stock price reached a new 52-week high at $25.01, with a recent trading price of $24.90 and a trading volume of 1,827,160 shares.
• Several analysts have upgraded their price targets for Kinross Gold, with Jefferies Financial Group raising its target from $14.00 to $18.00, and Royal Bank of Canada increasing its target from $14.00 to $19.00.
• Kinross Gold reported strong quarterly earnings with $0.44 earnings per share beating estimates, and revenue growth of 41.7% year-over-year at $1.75 billion.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K's stock price reached a new 52-week high on Tuesday . The stock traded as high as $25.01 and last traded at $24.90, with a volume of 1827160 shares changing hands. The stock had previously closed at $24.37.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and upped their price objective for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Royal Bank Of Canada upped their price objective on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price target on the stock in a research report on Monday, June 30th. Zacks Research cut shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 1st. Finally, CIBC lifted their price objective on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Kinross Gold currently has an average rating of "Moderate Buy" and a consensus price target of $21.07.

Kinross Gold Stock Up 1.9%

The company's 50-day moving average is $20.19 and its 200 day moving average is $16.44. The company has a market capitalization of $30.11 billion, a PE ratio of 20.04, a P/E/G ratio of 0.77 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 earnings per share (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 analysts' expectations of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm's quarterly revenue was up 41.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.14 EPS. As a group, analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold's dividend payout ratio is presently 9.68%.

Hedge Funds Weigh In On Kinross Gold

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Kinross Gold by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company's stock worth $603,829,000 after acquiring an additional 561,563 shares during the last quarter. Boston Partners raised its position in shares of Kinross Gold by 36.5% during the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after purchasing an additional 12,705,061 shares during the period. Norges Bank purchased a new stake in Kinross Gold in the 2nd quarter worth $389,025,000. Man Group plc grew its holdings in Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its position in shares of Kinross Gold by 0.3% during the second quarter. First Eagle Investment Management LLC now owns 11,825,153 shares of the mining company's stock worth $184,827,000 after acquiring an additional 37,942 shares during the last quarter. Hedge funds and other 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.

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