Kinross Gold (NYSE:KGC) Sets New 12-Month High After Strong Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K) shares hit a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $7.17 and last traded at $7.15, with a volume of 8218479 shares changing hands. The stock had previously closed at $6.77.

The mining company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.04. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. Kinross Gold had a net margin of 9.82% and a return on equity of 8.85%. Kinross Gold’s revenue was up 16.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.07 EPS.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 6th were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, March 5th. Kinross Gold’s dividend payout ratio is presently 35.29%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. StockNews.com raised shares of Kinross Gold from a “hold” rating to a “buy” rating in a research report on Tuesday, April 2nd. CIBC boosted their target price on shares of Kinross Gold from $7.00 to $8.15 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. TheStreet downgraded shares of Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. National Bank Financial restated an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. Finally, Jefferies Financial Group lifted their price objective on shares of Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.44.

Hedge Funds Weigh In On Kinross Gold

Several large investors have recently made changes to their positions in the company. Van ECK Associates Corp lifted its stake in shares of Kinross Gold by 9.5% in the 1st quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock valued at $925,392,000 after purchasing an additional 13,099,791 shares during the period. Vanguard Group Inc. raised its position in Kinross Gold by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 44,932,404 shares of the mining company’s stock worth $271,841,000 after acquiring an additional 528,121 shares during the period. Norges Bank acquired a new position in Kinross Gold during the fourth quarter worth $265,327,000. Ruffer LLP raised its position in Kinross Gold by 4.6% during the fourth quarter. Ruffer LLP now owns 19,968,341 shares of the mining company’s stock worth $120,908,000 after acquiring an additional 877,104 shares during the period. Finally, Boston Partners raised its position in Kinross Gold by 44.0% during the fourth quarter. Boston Partners now owns 16,898,452 shares of the mining company’s stock worth $102,236,000 after acquiring an additional 5,162,124 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Price Performance

The company has a quick ratio of 0.95, a current ratio of 2.63 and a debt-to-equity ratio of 0.36. The stock’s 50-day simple moving average is $6.11 and its two-hundred day simple moving average is $5.74. The company has a market capitalization of $8.72 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 2.09 and a beta of 1.14.

Kinross Gold Company Profile

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.