Kinross Gold (NYSE:KGC) Sets New 12-Month High - Still a Buy?

Key Points

• Kinross Gold Corporation shares reached a new 52-week high of $24.11, with the last traded price at $23.93 and a trading volume of 736,767 shares.
• Several analysts have issued varying ratings, with Canaccord Genuity raising the price target to $29.50 and a consensus rating of "Moderate Buy" along with an average price target of $21.07.
• The company recently announced a quarterly dividend of $0.03 per share, reflecting a 0.5% yield, and reported a significant year-over-year revenue increase of 41.7%.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K shares reached a new 52-week high on Monday . The company traded as high as $24.11 and last traded at $23.93, with a volume of 736767 shares changing hands. The stock had previously closed at $23.49.

Analysts Set New Price Targets

Several research firms have recently issued reports on KGC. National Bankshares reiterated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Wall Street Zen downgraded Kinross Gold from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Canaccord Genuity Group increased their price objective on Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price objective on the stock in a research report on Monday, June 30th. Finally, CIBC increased their price objective on Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $21.07.

Kinross Gold Stock Performance

The stock has a market capitalization of $28.59 billion, a P/E ratio of 19.02, a P/E/G ratio of 0.76 and a beta of 0.61. The company's fifty day simple moving average is $19.18 and its 200 day simple moving average is $15.90. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16.

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

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, August 21st. Kinross Gold's dividend payout ratio is presently 9.68%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Kinross Gold in the second quarter valued at about $389,025,000. Boston Partners increased its holdings in shares of Kinross Gold by 36.5% in the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock worth $632,797,000 after acquiring an additional 12,705,061 shares during the period. Man Group plc boosted its position in shares of Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in shares of Kinross Gold by 365.8% in the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after buying an additional 5,400,447 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock worth $126,191,000 after purchasing an additional 3,617,320 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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