Kinross Gold (TSE:K) Hits New 12-Month High - Here's Why

Key Points

• Kinross Gold shares reached a new 52-week high of C$36.13, with significant trading volume reported at over 2.7 million shares.
• Analysts have shown bullish sentiment towards Kinross Gold, with multiple upgrades, including a "strong-buy" rating from UBS Group and a price target increase to C$37.00 by Canaccord Genuity Group.
• The company recently declared a quarterly dividend of $0.03 per share, with an annualized yield of 0.3% and a payout ratio of 9.68%.

Kinross Gold Co. (TSE:K - Get Free Report) NYSE: KGC shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$36.13 and last traded at C$35.93, with a volume of 2746003 shares traded. The stock had previously closed at C$33.96.

Analyst Ratings Changes

Several equities research analysts have issued reports on K shares. UBS Group upgraded shares of Kinross Gold to a "strong-buy" rating in a research note on Monday, August 4th. National Bankshares boosted their price objective on shares of Kinross Gold from C$27.00 to C$28.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Canaccord Genuity Group boosted their price objective on shares of Kinross Gold from C$29.50 to C$37.00 in a research note on Thursday, October 2nd. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating in a research note on Monday, June 30th. Four equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of C$29.83.

Kinross Gold Trading Up 5.0%

The business's 50-day moving average price is C$30.40 and its 200 day moving average price is C$23.94. The company has a debt-to-equity ratio of 18.81, a current ratio of 1.61 and a quick ratio of 1.11. The firm has a market capitalization of C$43.47 billion, a price-to-earnings ratio of 28.77, a PEG ratio of -0.60 and a beta of 1.04.

Kinross Gold Dividend Announcement

The company also recently announced 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 0.3%. Kinross Gold's payout ratio is currently 9.68%.

Insider Transactions at Kinross Gold

In related news, insider Claude J.S. Schimper sold 2,131 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of C$27.86, for a total value of C$59,369.66. Following the sale, the insider directly owned 35,258 shares of the company's stock, valued at C$982,287.88. This represents a 5.70% decrease in their ownership of the stock. 0.26% of the stock is owned by corporate insiders.

About Kinross Gold

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia.

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