Kinross Gold (TSE:K) Reaches New 1-Year High - Here's What Happened

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's share price reached 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 changing hands. The stock had previously closed at C$22.35.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on K shares. Stifel Nicolaus increased their target price on shares of Kinross Gold from C$23.50 to C$24.50 and gave the company a "buy" rating in a report on Wednesday, May 7th. BMO Capital Markets raised shares of Kinross Gold to a "strong-buy" rating in a report on Wednesday, April 16th. National Bankshares increased 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 report on Friday, August 1st. Raymond James Financial raised shares of Kinross Gold to a "hold" rating in a report on Monday, June 30th. Finally, UBS Group raised shares of Kinross Gold to a "strong-buy" rating in a report on Monday, August 4th. One analyst has rated the stock with a hold rating, four have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of C$21.25.

Kinross Gold Stock Performance

The company has a debt-to-equity ratio of 18.81, a quick ratio of 1.11 and a current ratio of 1.61. The company has a market capitalization of C$22.71 billion, a P/E ratio of 30.75, a P/E/G ratio of -0.60 and a beta of 1.24. The business's fifty day simple moving average is C$21.70 and its 200-day simple moving average is C$19.29.

Kinross Gold Dividend Announcement

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

Insiders Place Their Bets

In related news, Senior Officer Geoffrey Peters Gold sold 18,834 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of C$21.27, for a total transaction of C$400,599.18. Also, Senior Officer Claude J.S. Schimper sold 1,339 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of C$20.39, for a total transaction of C$27,302.21. Over the last ninety days, insiders sold 42,833 shares of company stock worth $901,122. Insiders own 0.26% of the company's stock.

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.