Kinross Gold (NYSE:KGC) Shares Gap Down – Should You Sell?

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $10.22, but opened at $9.80. Kinross Gold shares last traded at $9.88, with a volume of 728,178 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on KGC shares. Jefferies Financial Group increased their price objective on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a report on Friday, October 4th. Scotiabank lifted their price target on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Finally, StockNews.com raised shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Kinross Gold has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Kinross Gold Price Performance

The stock has a market cap of $12.16 billion, a P/E ratio of 16.75, a price-to-earnings-growth ratio of 0.49 and a beta of 1.22. The company has a current ratio of 1.61, a quick ratio of 0.63 and a debt-to-equity ratio of 0.18. The company’s fifty day simple moving average is $9.89 and its 200-day simple moving average is $8.95.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.05. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the business posted $0.12 earnings per share. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Kinross Gold Co. will post 0.7 EPS for the current year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Wednesday, November 27th. Kinross Gold’s dividend payout ratio (DPR) is 19.67%.

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently made changes to their positions in KGC. Artemis Investment Management LLP boosted its position in Kinross Gold by 321.5% in the second quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock valued at $55,707,000 after buying an additional 5,107,120 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Kinross Gold by 634.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,942,042 shares of the mining company’s stock worth $36,971,000 after acquiring an additional 3,405,478 shares during the last quarter. National Bank of Canada FI increased its holdings in Kinross Gold by 31.2% during the 2nd quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock valued at $78,946,000 after purchasing an additional 2,267,999 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Kinross Gold by 64.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,749,480 shares of the mining company’s stock valued at $29,115,000 after purchasing an additional 1,856,478 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Kinross Gold by 25.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,758,027 shares of the mining company’s stock worth $72,867,000 after purchasing an additional 1,777,076 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

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.