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

Kinross Gold Co. (NYSE:KGC - Get Free Report) TSE: K gapped up before the market opened on Monday . The stock had previously closed at $14.07, but opened at $14.52. Kinross Gold shares last traded at $14.40, with a volume of 6,851,247 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on KGC. Stifel Canada raised shares of Kinross Gold to a "strong-buy" rating in a report on Wednesday, March 19th. BMO Capital Markets assumed coverage on shares of Kinross Gold in a research note on Wednesday, April 16th. They set an "outperform" rating on the stock. National Bank Financial upgraded shares of Kinross Gold to a "strong-buy" rating in a research note on Friday, March 21st. Raymond James increased their price target on Kinross Gold from $12.00 to $15.00 and gave the stock a "market perform" rating in a research report on Friday, April 4th. Finally, Scotiabank increased their target price on Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday. Two analysts have rated the stock with a hold rating, four have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, Kinross Gold has an average rating of "Buy" and an average target price of $13.50.

Kinross Gold Trading Up 1.9 %

The company has a market capitalization of $18.52 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 0.68 and a beta of 0.64. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.83 and a current ratio of 2.01. The business's 50-day simple moving average is $13.18 and its 200-day simple moving average is $11.32.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Tuesday, May 6th. The mining company reported $0.30 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.08. Kinross Gold had a net margin of 18.43% and a return on equity of 12.65%. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business earned $0.10 EPS. The business's quarterly revenue was up 38.5% compared to the same quarter last year. On average, research analysts expect that Kinross Gold Co. will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.80%. Kinross Gold's dividend payout ratio (DPR) is presently 15.58%.

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently bought and sold shares of KGC. Van ECK Associates Corp increased its position in shares of Kinross Gold by 62.2% in the 4th quarter. Van ECK Associates Corp now owns 116,323,261 shares of the mining company's stock valued at $1,078,330,000 after buying an additional 44,610,091 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Kinross Gold by 1.2% during the first quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company's stock worth $603,829,000 after purchasing an additional 561,563 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Kinross Gold by 10.9% during the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock valued at $304,633,000 after purchasing an additional 3,224,455 shares in the last quarter. Norges Bank bought a new position in shares of Kinross Gold during the 4th quarter valued at about $280,697,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Kinross Gold by 10.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,665,537 shares of the mining company's stock valued at $136,028,000 after purchasing an additional 1,398,225 shares during the period. Institutional investors 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.