Kinross Gold (NYSE:KGC) Trading Down 6.6% – What’s Next?

Kinross Gold Corporation (NYSE:KGC) (TSE:K) shares traded down 6.6% on Wednesday . The company traded as low as $28.43 and last traded at $28.9520. 11,748,773 shares traded hands during mid-day trading, a decline of 0% from the average session volume of 11,803,755 shares. The stock had previously closed at $31.00.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on KGC. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday. UBS Group set a $43.00 price objective on Kinross Gold in a research report on Friday, January 30th. Scotiabank lifted their price objective on Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Jefferies Financial Group reissued a “buy” rating and issued a $33.00 target price on shares of Kinross Gold in a report on Sunday, December 7th. Finally, Zacks Research downgraded Kinross Gold from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Kinross Gold presently has a consensus rating of “Moderate Buy” and an average target price of $39.56.

Kinross Gold Trading Down 6.6%

The stock’s fifty day moving average price is $33.90 and its 200 day moving average price is $28.42. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08. The stock has a market cap of $34.74 billion, a PE ratio of 14.77, a PEG ratio of 1.52 and a beta of 0.73.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. On average, sell-side analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This is an increase from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. Kinross Gold’s dividend payout ratio is currently 8.16%.

Institutional Investors Weigh In On Kinross Gold

Large investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. grew its stake in shares of Kinross Gold by 45.2% during the 4th quarter. Rockefeller Capital Management L.P. now owns 32,845 shares of the mining company’s stock valued at $925,000 after purchasing an additional 10,217 shares during the period. Corient Private Wealth LLC lifted its stake in shares of Kinross Gold by 4.2% in the 4th quarter. Corient Private Wealth LLC now owns 53,661 shares of the mining company’s stock worth $1,511,000 after purchasing an additional 2,185 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Kinross Gold in the 4th quarter worth approximately $60,000. Tobam purchased a new position in shares of Kinross Gold in the fourth quarter worth approximately $245,000. Finally, DGS Capital Management LLC boosted its holdings in shares of Kinross Gold by 10.1% in the fourth quarter. DGS Capital Management LLC now owns 41,441 shares of the mining company’s stock worth $1,167,000 after buying an additional 3,814 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.