Kinross Gold (NYSE:KGC) Reaches New 52-Week High - Here's What Happened

Key Points

• Kinross Gold's share price reached a new 52-week high of $19.38, closing at $19.34 with a traded volume of over 20 million shares.
• Analysts have set a consensus price target of $20.07, with several firms upgrading their ratings and targets, reflecting positive market sentiment.
• The company declared a quarterly dividend of $0.03 per share, representing a 0.6% yield, which will be paid to shareholders on September 4th.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K's share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $19.38 and last traded at $19.34, with a volume of 20335061 shares trading hands. The stock had previously closed at $19.11.

Analysts Set New Price Targets

Several equities analysts have recently commented on KGC shares. UBS Group started coverage on Kinross Gold in a research note on Monday, August 4th. They issued a "buy" rating and a $20.00 price target on the stock. Scotiabank upped their price target on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 8th. Royal Bank Of Canada upped their price target on Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Canaccord Genuity Group upped their price target on Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, BMO Capital Markets started coverage on Kinross Gold in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Two analysts have rated the stock with a hold rating, six 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 a consensus rating of "Buy" and a consensus price target of $20.07.

Kinross Gold Trading Up 1.2%

The company has a fifty day simple moving average of $16.01 and a two-hundred day simple moving average of $13.96. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The company has a market cap of $23.57 billion, a PE ratio of 15.60, a P/E/G ratio of 0.64 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping 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 company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the business earned $0.14 EPS. Kinross Gold's revenue was up 41.7% on a year-over-year basis. Analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

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

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently bought and sold shares of the stock. XTX Topco Ltd increased its holdings in Kinross Gold by 75.5% during the 2nd quarter. XTX Topco Ltd now owns 23,889 shares of the mining company's stock worth $373,000 after purchasing an additional 10,277 shares during the period. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Kinross Gold by 7.4% in the 2nd quarter. Edmond DE Rothschild Holding S.A. now owns 346,610 shares of the mining company's stock valued at $5,394,000 after acquiring an additional 23,748 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Kinross Gold by 45.4% in the 2nd quarter. Prudential Financial Inc. now owns 272,730 shares of the mining company's stock valued at $4,254,000 after acquiring an additional 85,125 shares during the last quarter. Mediolanum International Funds Ltd increased its holdings in shares of Kinross Gold by 9.1% in the 2nd quarter. Mediolanum International Funds Ltd now owns 642,053 shares of the mining company's stock valued at $9,575,000 after acquiring an additional 53,546 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Kinross Gold by 7.7% in the 2nd quarter. Legal & General Group Plc now owns 7,381,589 shares of the mining company's stock valued at $115,125,000 after acquiring an additional 527,494 shares during the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.