Kinross Gold (NYSE:KGC) Coverage Initiated by Analysts at Desjardins

Desjardins assumed coverage on shares of Kinross Gold (NYSE:KGC) (TSE:K) in a research report report published on Friday morning. The brokerage issued a buy rating on the mining company’s stock.

KGC has been the topic of several other reports. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. CIBC upped their target price on Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Cormark lowered Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Raymond James Financial boosted their price target on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Finally, Scotiabank restated an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $27.69.

Kinross Gold Stock Performance

KGC opened at $28.18 on Friday. Kinross Gold has a 12-month low of $8.99 and a 12-month high of $28.33. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $34.02 billion, a PE ratio of 22.73, a P/E/G ratio of 0.42 and a beta of 0.60. The firm has a 50 day moving average of $24.82 and a two-hundred day moving average of $19.89.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.39 by $0.05. The business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. On average, analysts anticipate that Kinross Gold will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be paid a $0.035 dividend. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, November 26th. Kinross Gold’s dividend payout ratio is presently 9.79%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in KGC. Y Intercept Hong Kong Ltd purchased a new stake in shares of Kinross Gold during the first quarter worth $190,000. Avantax Advisory Services Inc. boosted its position in Kinross Gold by 20.4% during the first quarter. Avantax Advisory Services Inc. now owns 19,101 shares of the mining company’s stock worth $241,000 after acquiring an additional 3,241 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in Kinross Gold during the 1st quarter valued at about $55,000. Natixis Advisors LLC raised its holdings in Kinross Gold by 20.8% in the 1st quarter. Natixis Advisors LLC now owns 169,671 shares of the mining company’s stock valued at $2,140,000 after acquiring an additional 29,240 shares during the last quarter. Finally, Jupiter Asset Management Ltd. lifted its stake in Kinross Gold by 166.2% in the 1st quarter. Jupiter Asset Management Ltd. now owns 518,654 shares of the mining company’s stock worth $6,533,000 after purchasing an additional 323,788 shares in the last quarter. 63.69% of the stock is 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.