Kinross Gold (NYSE:KGC) Reaches New 12-Month High Following Earnings Beat

Kinross Gold Co. (NYSE:KGC - Get Free Report) TSE: K hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $15.91 and last traded at $15.82, with a volume of 6660373 shares traded. The stock had previously closed at $15.20.

The mining company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.22 by $0.08. Kinross Gold had a return on equity of 12.65% and a net margin of 18.43%. The business had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter in the prior year, the business earned $0.10 earnings per share. The company's quarterly revenue was up 38.5% compared to the same quarter last year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.76%. The ex-dividend date was Wednesday, March 5th. Kinross Gold's dividend payout ratio (DPR) is 15.58%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. CIBC boosted their price objective on shares of Kinross Gold from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Scotiabank restated an "outperform" rating on shares of Kinross Gold in a report on Monday, April 14th. BMO Capital Markets started coverage on Kinross Gold in a report on Wednesday, April 16th. They issued an "outperform" rating for the company. StockNews.com raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 18th. Finally, National Bank Financial upgraded Kinross Gold to a "strong-buy" rating in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $13.30.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in KGC. Norges Bank bought a new position in Kinross Gold in the 4th quarter worth approximately $280,697,000. Renaissance Technologies LLC increased its position in shares of Kinross Gold by 10.9% in the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after acquiring an additional 3,224,455 shares in the last quarter. Mediolanum International Funds Ltd purchased a new stake in Kinross Gold in the 4th quarter worth about $2,506,000. Truist Financial Corp increased its stake in shares of Kinross Gold by 48.2% in the fourth quarter. Truist Financial Corp now owns 302,057 shares of the mining company's stock worth $2,800,000 after acquiring an additional 98,196 shares during the last quarter. Finally, DJE Kapital AG bought a new stake in shares of Kinross Gold in the 4th quarter valued at approximately $3,723,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.01 and a quick ratio of 0.83. The stock's fifty day moving average is $12.92 and its 200-day moving average is $11.23. The stock has a market capitalization of $19.52 billion, a P/E ratio of 20.64, a PEG ratio of 0.68 and a beta of 0.64.

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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