Kinross Gold (NYSE:KGC) Reaches New 12-Month High - What's Next?

Key Points

• Kinross Gold's stock price reached a new 52-week high of $22.85, last trading at $22.37 with a volume of 15,290,083 shares.
• Analysts have mixed ratings on Kinross Gold, with Zacks Research downgrading it to a "hold," while Jefferies upgraded it to "buy" with a target price increase to $18.00.
• Kinross Gold reported a strong quarterly performance with earnings per share at $0.44, exceeding estimates, and announced a dividend yielding 0.5% with a payout ratio of 9.68%.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K's stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $22.85 and last traded at $22.37, with a volume of 15290083 shares trading hands. The stock had previously closed at $22.53.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a research report on Monday, June 30th. Royal Bank Of Canada lifted their price target 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. UBS Group started coverage on shares of Kinross Gold in a research note on Monday, August 4th. They set a "buy" rating and a $20.00 price target for the company. Zacks Research downgraded shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Finally, Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and lifted their price target for the company from $14.00 to $18.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Kinross Gold presently has an average rating of "Moderate Buy" and an average price target of $20.07.

Kinross Gold Stock Performance

The business has a 50-day moving average price of $18.44 and a 200-day moving average price of $15.49. The firm has a market capitalization of $28.40 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 0.77 and a beta of 0.62. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results 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. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the firm earned $0.14 EPS. The firm's revenue was up 41.7% on a year-over-year basis. As a group, sell-side analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a $0.03 dividend. 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

Hedge funds have recently made changes to their positions in the company. Transce3nd LLC increased its position in shares of Kinross Gold by 128.2% in the 2nd quarter. Transce3nd LLC now owns 2,914 shares of the mining company's stock valued at $46,000 after acquiring an additional 1,637 shares during the period. Banque Cantonale Vaudoise acquired a new position in shares of Kinross Gold in the 1st quarter valued at $55,000. Farther Finance Advisors LLC increased its position in shares of Kinross Gold by 188.6% in the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after acquiring an additional 3,659 shares during the period. Headlands Technologies LLC acquired a new position in shares of Kinross Gold in the 1st quarter valued at $77,000. Finally, MAI Capital Management increased its position in shares of Kinross Gold by 22.0% in the 2nd quarter. MAI Capital Management now owns 5,022 shares of the mining company's stock valued at $78,000 after acquiring an additional 907 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

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.