Q3 2024 EPS Estimates for Kinross Gold Co. (NYSE:KGC) Reduced by Raymond James

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Investment analysts at Raymond James lowered their Q3 2024 earnings per share estimates for shares of Kinross Gold in a note issued to investors on Thursday, April 18th. Raymond James analyst F. Hamed now forecasts that the mining company will earn $0.04 per share for the quarter, down from their previous forecast of $0.05. The consensus estimate for Kinross Gold’s current full-year earnings is $0.36 per share. Raymond James also issued estimates for Kinross Gold’s Q4 2024 earnings at $0.06 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Thursday, February 15th. The mining company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.02. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company earned $0.09 EPS. The business’s revenue was up 3.7% compared to the same quarter last year.

A number of other research firms also recently issued reports on KGC. StockNews.com raised Kinross Gold from a “hold” rating to a “buy” rating in a research report on Tuesday, April 2nd. CIBC increased their price target on Kinross Gold from $7.00 to $8.15 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Jefferies Financial Group assumed coverage on Kinross Gold in a research report on Thursday, February 29th. They set a “hold” rating and a $5.00 price target on the stock. TheStreet downgraded Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Kinross Gold in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, Kinross Gold has a consensus rating of “Moderate Buy” and a consensus price target of $6.28.

Kinross Gold Price Performance

KGC opened at $6.77 on Monday. Kinross Gold has a 12-month low of $4.32 and a 12-month high of $6.82. The company has a current ratio of 2.63, a quick ratio of 0.95 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $5.67 and its 200-day simple moving average is $5.59. The company has a market capitalization of $8.31 billion, a price-to-earnings ratio of 19.91, a PEG ratio of 2.34 and a beta of 1.15.

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 6th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date was Tuesday, March 5th. Kinross Gold’s dividend payout ratio (DPR) is presently 35.29%.

Institutional Investors Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in KGC. Norges Bank purchased a new stake in Kinross Gold in the fourth quarter valued at about $265,327,000. Millennium Management LLC raised its stake in Kinross Gold by 207.3% in the fourth quarter. Millennium Management LLC now owns 16,449,766 shares of the mining company’s stock valued at $67,244,000 after buying an additional 11,097,512 shares during the last quarter. 1832 Asset Management L.P. raised its stake in Kinross Gold by 374.2% in the first quarter. 1832 Asset Management L.P. now owns 11,766,352 shares of the mining company’s stock valued at $68,230,000 after buying an additional 9,285,284 shares during the last quarter. Boston Partners raised its stake in Kinross Gold by 96.1% in the third quarter. Boston Partners now owns 11,736,328 shares of the mining company’s stock valued at $53,518,000 after buying an additional 5,752,397 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in Kinross Gold by 81.1% in the first quarter. Two Sigma Investments LP now owns 9,436,084 shares of the mining company’s stock valued at $44,444,000 after buying an additional 4,224,588 shares during the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.