Kinross Gold (TSE:K) Sets New 1-Year High - Here's Why

Key Points

• Kinross Gold's shares reached a new 52-week high of C$25.08 during trading, closing at C$25.03 with a trading volume of over 7.3 million shares.
• Several analysts have upgraded Kinross Gold, with National Bankshares increasing their target price from C$27.00 to C$28.00 and several others giving the stock a "strong-buy" rating.
• The company announced a quarterly dividend of $0.03 per share, equating to an annualized yield of 0.5% and reflecting a dividend payout ratio of 18.84%.

Kinross Gold Co. (TSE:K - Get Free Report) NYSE: KGC shares hit a new 52-week high on Wednesday . The stock traded as high as C$25.08 and last traded at C$25.03, with a volume of 7320857 shares trading hands. The stock had previously closed at C$22.35.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on K. UBS Group raised Kinross Gold to a "strong-buy" rating in a research note on Monday. BMO Capital Markets raised shares of Kinross Gold to a "strong-buy" rating in a research report on Wednesday, April 16th. Stifel Nicolaus upped their price objective on shares of Kinross Gold from C$23.50 to C$24.50 and gave the stock a "buy" rating in a report on Wednesday, May 7th. National Bankshares raised their target price on shares of Kinross Gold from C$27.00 to C$28.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating in a report on Monday, June 30th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, Kinross Gold currently has a consensus rating of "Buy" and an average price target of C$21.25.

Kinross Gold Price Performance

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$22.45 billion, a P/E ratio of 30.40, a PEG ratio of -0.60 and a beta of 1.24. The company's 50 day moving average price is C$21.58 and its 200 day moving average price is C$19.19.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio (DPR) is 18.84%.

Insider Transactions at Kinross Gold

In other news, Senior Officer Geoffrey Peters Gold sold 18,834 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of C$21.27, for a total transaction of C$400,599.18. Also, Director George Nickolas Paspalas acquired 2,000 shares of Kinross Gold stock in a transaction that occurred on Tuesday, May 13th. The shares were purchased at an average cost of C$19.20 per share, for a total transaction of C$38,400.00. In the last quarter, insiders sold 42,833 shares of company stock valued at $901,122. 0.26% of the stock is currently owned by company insiders.

Kinross Gold Company Profile

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.