Kinross Gold (NYSE:KGC) Shares Gap Down - Here's Why

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K's stock price gapped down prior to trading on Friday . The stock had previously closed at $15.85, but opened at $15.30. Kinross Gold shares last traded at $15.07, with a volume of 3,329,205 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have commented on KGC shares. BMO Capital Markets started coverage on shares of Kinross Gold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Royal Bank Of Canada lifted their price target on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 18th. National Bank Financial raised Kinross Gold to a "strong-buy" rating in a report on Friday, March 21st. Finally, Stifel Canada upgraded shares of Kinross Gold to a "strong-buy" rating in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $17.00.

Kinross Gold Stock Up 5.1%

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.83 and a quick ratio of 1.22. The firm's 50 day moving average price is $14.86 and its two-hundred day moving average price is $12.54. The firm has a market cap of $19.17 billion, a price-to-earnings ratio of 15.95, a P/E/G ratio of 0.61 and a beta of 0.63.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share 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 company had revenue of $1.44 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $0.10 EPS. The company's revenue was up 38.5% 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 fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Thursday, May 29th. Kinross Gold's payout ratio is 12.24%.

Hedge Funds Weigh In On Kinross Gold

Several hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp lifted its position in Kinross Gold by 109.3% during the fourth quarter. Jones Financial Companies Lllp now owns 2,704 shares of the mining company's stock valued at $25,000 after buying an additional 1,412 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Kinross Gold by 30.4% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 4,302 shares of the mining company's stock valued at $40,000 after acquiring an additional 1,002 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in Kinross Gold during the 4th quarter worth $42,000. Global Retirement Partners LLC increased its holdings in Kinross Gold by 747.0% in the 4th quarter. Global Retirement Partners LLC now owns 5,429 shares of the mining company's stock valued at $50,000 after purchasing an additional 4,788 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Kinross Gold in the first quarter valued at about $55,000. Hedge funds and other institutional investors own 63.69% of the company's stock.

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.