Kinross Gold (NYSE:KGC) Sets New 1-Year Low - Here's What Happened

Key Points

• Kinross Gold shares fell 6.3% to $21.96, setting a new 52-week low and trading well below their 50-day and 200-day moving averages of roughly $27.78.
• Despite the decline, analysts maintain a generally positive outlook: the stock carries a “Moderate Buy” consensus rating and an average price target of $38.89, although several firms recently reduced their targets.
• Kinross reported quarterly EPS of $0.71, beating estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company also pays a quarterly dividend of $0.04 per share, yielding 0.7% annually.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K's stock price reached a new 52-week low on Wednesday. The company traded as low as $21.96 and last traded at $21.9560, with a volume of 4,450,811 shares traded. The stock had previously closed at $23.44.

Analysts Set New Price Targets

Several research firms recently commented on KGC. Citigroup reaffirmed a "buy" rating on shares of Kinross Gold in a report on Monday, September 28th. Scotiabank decreased their price objective on Kinross Gold from $41.00 to $39.00 and set an "outperform" rating on the stock in a report on Thursday, September 24th. Canadian Imperial Bank of Commerce lowered their target price on Kinross Gold from $54.00 to $50.00 and set an "outperformer" rating for the company in a research note on Friday, September 25th. Royal Bank Of Canada decreased their price target on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Finally, UBS Group lowered their price objective on shares of Kinross Gold from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, Kinross Gold presently has an average rating of "Moderate Buy" and an average target price of $38.89.

Kinross Gold Trading Down 6.3%

The stock has a market capitalization of $26.01 billion, a PE ratio of 8.31, a PEG ratio of 0.78 and a beta of 0.82. The stock has a 50-day moving average price of $27.77 and a two-hundred day moving average price of $27.79. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. The business had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the prior year, the firm earned $0.44 EPS. The company's revenue for the quarter was up 29.5% on a year-over-year basis. As a group, equities analysts forecast that Kinross Gold Corporation will post 2.43 earnings per share for the current year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. Kinross Gold's payout ratio is 6.06%.

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Man Group plc purchased a new position in shares of Kinross Gold during the second quarter worth approximately $298,152,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Kinross Gold during the second quarter worth about $264,652,000. Legal & General Group Plc acquired a new position in shares of Kinross Gold in the second quarter worth $244,762,000. The Manufacturers Life Insurance Company acquired a new position in shares of Kinross Gold in the second quarter valued at approximately $222,974,000. Finally, Deutsche Bank AG acquired a new stake in shares of Kinross Gold during the second quarter worth $217,800,000. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.

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