Kinross Gold (NYSE:KGC) Sets New 12-Month Low - What's Next?

Key Points

• Kinross Gold fell to a new 52-week low of $21.83, trading about 1.3% lower, with its price below both its 50-day and 200-day moving averages.
• Despite the decline, analysts remain broadly bullish: the stock has a “Moderate Buy” consensus rating and a $37.30 average price target, although several firms recently reduced their targets.
• Kinross reported quarterly EPS of $0.71, exceeding estimates, while revenue rose 29.5% year over year. The company also pays a quarterly dividend of $0.04, and institutional investors own 63.69% of its shares.

Kinross Gold Corporation (NYSE:KGC - Get Free Report) TSE: K hit a new 52-week low on Friday. The company traded as low as $21.83 and last traded at $22.2610, with a volume of 1,443,175 shares trading hands. The stock had previously closed at $22.68.

Wall Street Analyst Weigh In

KGC has been the subject of a number of recent research reports. Scotia lowered their price target on shares of Kinross Gold from $41.00 to $39.00 and set a "sector outperform" rating for the company in a report on Thursday, September 24th. TD dropped their target price on shares of Kinross Gold from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, September 24th. Zacks Research upgraded Kinross Gold from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Jefferies Financial Group decreased their price objective on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. Finally, Scotiabank dropped their price objective on Kinross Gold from $41.00 to $39.00 and set an "outperform" rating on the stock in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

Kinross Gold Trading Down 1.3%

The business's fifty day moving average is $27.28 and its two-hundred day moving average is $27.46. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The firm has a market cap of $26.44 billion, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 0.79 and a beta of 0.82.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $2.24 billion. During the same period in the prior year, the business earned $0.44 EPS. Kinross Gold's revenue for the quarter was up 29.5% compared to the same quarter last year. Equities analysts anticipate that Kinross Gold Corporation will post 2.41 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, August 20th. Kinross Gold's payout ratio is currently 6.06%.

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently modified their holdings of KGC. Renaissance Technologies LLC grew its holdings in shares of Kinross Gold by 2.3% during the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company's stock valued at $779,677,000 after buying an additional 571,100 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Kinross Gold by 9.3% during the first quarter. The Manufacturers Life Insurance Company now owns 10,014,321 shares of the mining company's stock valued at $305,888,000 after buying an additional 854,802 shares during the period. Man Group plc purchased a new position in shares of Kinross Gold in the 2nd quarter worth about $298,152,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kinross Gold during the 2nd quarter valued at about $264,652,000. Finally, Bank of America Corp DE increased its holdings in Kinross Gold by 11.4% during the 2nd quarter. Bank of America Corp DE now owns 10,822,887 shares of the mining company's stock valued at $255,637,000 after purchasing an additional 1,106,837 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

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