Kinross Gold (NYSE:KGC) Shares Gap Down - Time to Sell?

Key Points

• Kinross Gold's shares experienced a significant drop, opening at $23.93 compared to a previous close of $25.93, with the stock trading at $23.14 following heavy volume.
• Recent analyst upgrades include a boost from "buy" to "strong-buy" by Wall Street Zen and a price target increase from Jefferies Financial Group from $14.00 to $18.00.
• The company reported a strong quarterly performance with an EPS of $0.44, beating estimates, and notable revenue growth of 41.7% year-over-year, totaling $1.75 billion.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K shares gapped down before the market opened on Tuesday . The stock had previously closed at $25.93, but opened at $23.93. Kinross Gold shares last traded at $23.14, with a volume of 5,337,281 shares traded.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and increased their price target for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. CIBC increased their price target on Kinross Gold from $22.00 to $36.00 and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Canaccord Genuity Group increased their price target on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of Kinross Gold in a research note on Wednesday, October 8th. Four research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $25.69.

Kinross Gold Stock Performance

The firm has a market capitalization of $27.75 billion, a PE ratio of 18.45, a P/E/G ratio of 0.51 and a beta of 0.64. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The firm has a fifty day moving average price of $22.72 and a 200 day moving average price of $17.81.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.33 by $0.11. The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.Kinross Gold's revenue was up 41.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.14 earnings per share. Research analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

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

Hedge Funds Weigh In On Kinross Gold

A number of hedge funds have recently added to or reduced their stakes in the company. Armstrong Advisory Group Inc. increased its stake in shares of Kinross Gold by 95.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company's stock worth $36,000 after purchasing an additional 717 shares during the last quarter. Mather Group LLC. bought a new position in shares of Kinross Gold in the 3rd quarter valued at approximately $44,000. Transce3nd LLC raised its stake in shares of Kinross Gold by 128.2% in the 2nd quarter. Transce3nd LLC now owns 2,914 shares of the mining company's stock valued at $46,000 after acquiring an additional 1,637 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in shares of Kinross Gold in the 1st quarter valued at approximately $55,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Kinross Gold by 188.6% in the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after acquiring an additional 3,659 shares in the last quarter. 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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