Kinross Gold (NYSE:KGC) Reaches New 1-Year High - Here's What Happened

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K reached a new 52-week high on Monday . The company traded as high as $16.19 and last traded at $16.02, with a volume of 9491255 shares. The stock had previously closed at $15.33.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a report on Monday, June 30th. Royal Bank Of Canada lifted their price objective 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. CIBC lifted their price objective on Kinross Gold from $16.00 to $21.00 and gave the company an "outperformer" rating in a research note on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Finally, Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday, April 18th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $18.00.

Kinross Gold Trading Up 3.1%

The company has a current ratio of 2.83, a quick ratio of 1.22 and a debt-to-equity ratio of 0.17. The company has a market cap of $20.14 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 0.60 and a beta of 0.63. The business has a 50 day simple moving average of $15.11 and a two-hundred day simple moving average of $13.18.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.08. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the firm earned $0.10 EPS. The firm's quarterly revenue was up 38.5% compared to the same quarter last year. On average, analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were paid a $0.03 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.73%. Kinross Gold's dividend payout ratio (DPR) is 12.24%.

Hedge Funds Weigh In On Kinross Gold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new stake in Kinross Gold during the fourth quarter worth approximately $280,697,000. Boston Partners lifted its position in Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after acquiring an additional 12,705,061 shares in the last quarter. Man Group plc increased its stake in shares of Kinross Gold by 174.2% during the 4th quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after purchasing an additional 5,871,904 shares during the last quarter. Artemis Investment Management LLP boosted its holdings in Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after purchasing an additional 5,400,447 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Kinross Gold by 95.7% during the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock worth $87,639,000 after buying an additional 3,398,687 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.