Kinross Gold Co. (NYSE:KGC) Sees Significant Decline in Short Interest

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 11,510,000 shares, a drop of 15.9% from the March 31st total of 13,690,000 shares. Based on an average trading volume of 14,980,000 shares, the days-to-cover ratio is currently 0.8 days. Approximately 0.9% of the company’s shares are short sold.

Analyst Ratings Changes

A number of brokerages have commented on KGC. Jefferies Financial Group lifted their target price on shares of Kinross Gold from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. TheStreet lowered shares of Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. CIBC increased their price objective on Kinross Gold from $7.00 to $8.15 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. StockNews.com upgraded Kinross Gold from a “hold” rating to a “buy” rating in a research report on Tuesday, April 2nd. Finally, National Bank Financial reissued an “outperform overweight” rating on shares of Kinross Gold in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Kinross Gold presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.44.

Kinross Gold Stock Up 0.1 %

Shares of NYSE KGC opened at $6.74 on Friday. Kinross Gold has a 52-week low of $4.32 and a 52-week high of $6.87. The business’s 50 day moving average is $5.83 and its two-hundred day moving average is $5.65. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 19.82, a PEG ratio of 2.09 and a beta of 1.15. The company has a quick ratio of 0.95, a current ratio of 2.63 and a debt-to-equity ratio of 0.36.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Thursday, February 15th. The mining company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.04 billion. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. Kinross Gold’s revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. Research analysts predict that Kinross Gold will post 0.4 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 6th were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date of this dividend was Tuesday, March 5th. Kinross Gold’s dividend payout ratio (DPR) is currently 35.29%.

Institutional Investors Weigh In On Kinross Gold

Hedge funds have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC acquired a new stake in Kinross Gold in the 4th quarter valued at about $26,000. CWM LLC increased its stake in shares of Kinross Gold by 353.2% during the third quarter. CWM LLC now owns 7,378 shares of the mining company’s stock worth $34,000 after buying an additional 5,750 shares during the period. Headlands Technologies LLC acquired a new stake in Kinross Gold in the fourth quarter valued at approximately $44,000. Compagnie Lombard Odier SCmA purchased a new position in Kinross Gold in the fourth quarter worth approximately $53,000. Finally, Advisor Resource Council acquired a new position in Kinross Gold during the 1st quarter worth approximately $60,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

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.