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

Key Points

• Kinross Gold Corporation's stock recently hit a new 52-week high of $19.81, reflecting strong trading volume of over 2.69 million shares.
• Analysts have raised their price targets for Kinross Gold, with Royal Bank of Canada setting a target of $19.00 and CIBC raising theirs to $22.00, indicating robust confidence in the stock.
• The company reported significant quarterly earnings, with an EPS of $0.44, exceeding estimates and marking a 41.7% increase in revenue compared to the previous year.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K reached a new 52-week high during trading on Monday . The stock traded as high as $19.81 and last traded at $19.65, with a volume of 2692687 shares trading hands. The stock had previously closed at $19.60.

Analysts Set New Price Targets

A number of research analysts recently issued reports on KGC shares. Royal Bank Of Canada lifted their price target on shares of Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Scotiabank boosted their target price on shares of Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. National Bankshares reiterated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. CIBC boosted their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Finally, UBS Group began coverage on shares of Kinross Gold in a research report on Monday, August 4th. They set a "buy" rating and a $20.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $20.07.

Kinross Gold Stock Up 1.0%

The business's fifty day moving average price is $16.63 and its 200 day moving average price is $14.42. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $24.06 billion, a PE ratio of 15.97, a PEG ratio of 0.65 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data 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. The company had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.52 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold's revenue was up 41.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. On average, equities research analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

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

Hedge Funds Weigh In On Kinross Gold

Several institutional investors have recently bought and sold shares of the company. Evergreen Capital Management LLC raised its holdings in Kinross Gold by 1.1% in the 2nd quarter. Evergreen Capital Management LLC now owns 56,135 shares of the mining company's stock valued at $877,000 after acquiring an additional 593 shares in the last quarter. Elevation Point Wealth Partners LLC raised its holdings in Kinross Gold by 1.4% in the 2nd quarter. Elevation Point Wealth Partners LLC now owns 56,907 shares of the mining company's stock valued at $889,000 after acquiring an additional 783 shares in the last quarter. IFP Advisors Inc raised its holdings in Kinross Gold by 19.1% in the 2nd quarter. IFP Advisors Inc now owns 5,210 shares of the mining company's stock valued at $81,000 after acquiring an additional 835 shares in the last quarter. Capital Investment Advisors LLC raised its holdings in Kinross Gold by 3.1% in the 1st quarter. Capital Investment Advisors LLC now owns 27,850 shares of the mining company's stock valued at $351,000 after acquiring an additional 850 shares in the last quarter. Finally, MAI Capital Management raised its holdings in 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 in the last quarter. 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.

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