Kinross Gold (NYSE:KGC) Hits New 52-Week High - Here's Why

Key Points

• Kinross Gold Corporation's shares reached a new 52-week high of $21.38, reflecting positive market sentiment and trading activity.
• Several analyst firms have upgraded their ratings on Kinross Gold, with CIBC raising the price target from $21.00 to $22.00, while Canaccord Genuity increased theirs from $28.00 to $29.50.
• The company reported strong quarterly earnings with an EPS of $0.44, exceeding expectations, and a revenue increase of 41.7% year-over-year.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K shares hit a new 52-week high on Tuesday . The stock traded as high as $21.38 and last traded at $21.06, with a volume of 276650 shares. The stock had previously closed at $20.90.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KGC. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. CIBC increased their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research report on Friday, August 1st. Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and increased their price objective for the company from $14.00 to $18.00 in a research report on Thursday, June 26th. UBS Group started coverage on shares of Kinross Gold in a research report on Monday, August 4th. They issued a "buy" rating and a $20.00 price objective on the stock. 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 report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $20.07.

Kinross Gold Price Performance

The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The stock's 50-day moving average is $17.21 and its 200 day moving average is $14.78. The stock has a market capitalization of $25.85 billion, a PE ratio of 17.18, a P/E/G ratio of 0.69 and a beta of 0.61.

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

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid a dividend of $0.03 per share. The ex-dividend date is Thursday, August 21st. This represents a $0.12 dividend on an annualized basis and a yield of 0.6%. Kinross Gold's dividend payout ratio is currently 9.68%.

Institutional Trading of Kinross Gold

Large investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio boosted its stake in Kinross Gold by 8.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock worth $2,204,000 after purchasing an additional 18,135 shares during the period. Sprott Inc. boosted its stake in Kinross Gold by 1.7% during the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company's stock worth $36,976,000 after purchasing an additional 48,905 shares during the period. State of Wyoming boosted its stake in Kinross Gold by 56.5% during the 4th quarter. State of Wyoming now owns 120,777 shares of the mining company's stock worth $1,120,000 after purchasing an additional 43,595 shares during the period. Artemis Investment Management LLP boosted its stake in Kinross Gold by 365.8% during the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after purchasing an additional 5,400,447 shares during the period. Finally, Bessemer Group Inc. boosted its stake in Kinross Gold by 264.7% during the 1st quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock worth $1,960,000 after purchasing an additional 112,800 shares during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Company Profile

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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