Kinross Gold (NYSE:KGC) Stock Price Up 6.9% - Here's Why

Kinross Gold Co. (NYSE:KGC - Get Free Report) TSE: K rose 6.9% during mid-day trading on Monday . The company traded as high as $15.79 and last traded at $15.77. Approximately 3,257,115 shares changed hands during trading, a decline of 82% from the average daily volume of 18,337,413 shares. The stock had previously closed at $14.75.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research report on Wednesday, April 23rd. BMO Capital Markets assumed coverage on Kinross Gold in a report on Wednesday, April 16th. They set an "outperform" rating for the company. Royal Bank of Canada boosted their target price on Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday. Raymond James upped their price target on Kinross Gold from $12.00 to $15.00 and gave the company a "market perform" rating in a research report on Friday, April 4th. Finally, CIBC reissued an "outperform" rating on shares of Kinross Gold in a report on Tuesday, May 13th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $15.40.

Kinross Gold Stock Performance

The business has a 50 day moving average of $14.21 and a 200-day moving average of $11.90. The company has a market capitalization of $18.52 billion, a P/E ratio of 19.61, a price-to-earnings-growth ratio of 0.68 and a beta of 0.63. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.83 and a current ratio of 2.01.

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

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Shareholders 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 yield of 0.79%. Kinross Gold's dividend payout ratio is presently 12.24%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Kinross Gold during the fourth quarter worth about $280,697,000. Renaissance Technologies LLC lifted its position in Kinross Gold by 10.9% in the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after buying an additional 3,224,455 shares during the last quarter. Truist Financial Corp lifted its position in Kinross Gold by 48.2% in the 4th quarter. Truist Financial Corp now owns 302,057 shares of the mining company's stock worth $2,800,000 after buying an additional 98,196 shares during the last quarter. DJE Kapital AG purchased a new stake in Kinross Gold in the fourth quarter worth approximately $3,723,000. Finally, Public Employees Retirement System of Ohio grew its position in Kinross Gold by 8.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock valued at $2,204,000 after acquiring an additional 18,135 shares during the last quarter. 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.