Kinross Gold (NYSE:KGC) Stock Price Down 8.6% - Should You Sell?

Key Points

• Kinross Gold's stock price dropped by 8.6% on Friday, with shares trading as low as $25.17, amid a 47% decline in trading volume compared to the average.
• Analysts generally maintain a positive outlook on Kinross Gold, with a consensus rating of "Buy" and a price target average of $25.69, despite Zacks Research downgrading it from "strong-buy" to "hold."
• The company reported strong quarterly results, with earnings per share at $0.44, exceeding estimates and showing a 41.7% revenue increase year-over-year, totaling $1.75 billion.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K shares were down 8.6% on Friday . The stock traded as low as $25.17 and last traded at $25.22. Approximately 10,671,664 shares traded hands during trading, a decline of 47% from the average daily volume of 20,153,740 shares. The stock had previously closed at $27.58.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on KGC. Raymond James Financial raised their target price on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a "market perform" rating in a report on Friday, October 10th. Canaccord Genuity Group raised their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. Zacks Research cut shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a report on Monday, September 1st. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Finally, Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Kinross Gold in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Kinross Gold presently has a consensus rating of "Buy" and a consensus price target of $25.69.

Kinross Gold Price Performance

The firm has a fifty day moving average of $22.46 and a 200 day moving average of $17.56. The company has a market capitalization of $30.35 billion, a P/E ratio of 20.18, a P/E/G ratio of 0.86 and a beta of 0.64. 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 released its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%.The business's quarterly 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 anticipate that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in KGC. Armstrong Advisory Group Inc. lifted its holdings in Kinross Gold by 95.6% in 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 in the last quarter. Transce3nd LLC lifted its holdings in Kinross Gold by 128.2% in the 2nd quarter. Transce3nd LLC now owns 2,914 shares of the mining company's stock worth $46,000 after purchasing an additional 1,637 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of Kinross Gold during the 1st quarter worth approximately $55,000. MAI Capital Management raised its holdings in shares of Kinross Gold by 22.0% during the 2nd quarter. MAI Capital Management now owns 5,022 shares of the mining company's stock worth $78,000 after acquiring an additional 907 shares in the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of Kinross Gold by 19.1% during the 2nd quarter. IFP Advisors Inc now owns 5,210 shares of the mining company's stock worth $81,000 after acquiring an additional 835 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

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.

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