Kinross Gold Corporation (NYSE:KGC) Stock Has Consensus Price Target of $38.89 According to Analysts

Kinross Gold Corporation (NYSE:KGC) (TSE:K) has received an average recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the company, Marketbeat reports. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $37.11.

A number of analysts have commented on KGC shares. TD reduced their price target on Kinross Gold from $40.00 to $35.00 and set a “buy” rating for the company in a research report on Thursday, September 24th. TD Securities decreased their price objective on Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a research note on Thursday, September 24th. Jefferies Financial Group lowered their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Scotia cut their price objective on Kinross Gold from $41.00 to $39.00 and set a “sector outperform” rating for the company in a research note on Thursday, September 24th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $34.00 price objective on shares of Kinross Gold in a research note on Friday.

Hedge Funds Weigh In On Kinross Gold

Large investors have recently added to or reduced their stakes in the company. Elevated Financial Group LLC bought a new stake in shares of Kinross Gold during the 3rd quarter valued at $499,000. TD Waterhouse Canada Inc. bought a new position in Kinross Gold in the 3rd quarter worth $15,795,000. Ninety One UK Ltd boosted its holdings in Kinross Gold by 214.1% in the 3rd quarter. Ninety One UK Ltd now owns 8,614,109 shares of the mining company’s stock worth $207,996,000 after buying an additional 5,872,044 shares during the period. Ninety One SA Pty Ltd boosted its holdings in Kinross Gold by 1.3% in the 3rd quarter. Ninety One SA Pty Ltd now owns 521,026 shares of the mining company’s stock worth $12,585,000 after buying an additional 6,826 shares during the period. Finally, Formuepleje A S purchased a new stake in Kinross Gold in the 3rd quarter worth $668,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Price Performance

Shares of Kinross Gold stock opened at $24.01 on Thursday. Kinross Gold has a one year low of $21.90 and a one year high of $39.11. The stock’s fifty day moving average is $27.59 and its 200 day moving average is $27.69. The stock has a market cap of $28.44 billion, a P/E ratio of 9.09, a P/E/G ratio of 0.79 and a beta of 0.82. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the business earned $0.44 earnings per share. Kinross Gold’s quarterly revenue was up 29.5% compared to the same quarter last year. Sell-side analysts anticipate that Kinross Gold will post 2.43 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.