Kinross Gold (NYSE:KGC) Hits New 52-Week High – Here’s What Happened

Kinross Gold Co. (NYSE:KGC) (TSE:K) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.95 and last traded at $10.91, with a volume of 15721725 shares trading hands. The stock had previously closed at $10.62.

Analysts Set New Price Targets

KGC has been the topic of several research analyst reports. Jefferies Financial Group raised their target price on shares of Kinross Gold from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Friday, October 4th. StockNews.com upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $11.13.

Kinross Gold Price Performance

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 has a 50 day simple moving average of $9.92 and a 200 day simple moving average of $9.58. The stock has a market cap of $13.37 billion, a P/E ratio of 17.83, a PEG ratio of 0.90 and a beta of 1.21.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Tuesday, November 5th. The mining company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.32 billion. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The firm’s revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Sell-side analysts forecast that Kinross Gold Co. will post 0.72 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.10%. Kinross Gold’s dividend payout ratio is 19.67%.

Institutional Trading of Kinross Gold

Hedge funds and other institutional investors have recently modified their holdings of the stock. Stephens Inc. AR bought a new stake in shares of Kinross Gold during the 4th quarter worth approximately $613,000. Entropy Technologies LP increased its holdings in Kinross Gold by 267.8% during the fourth quarter. Entropy Technologies LP now owns 494,590 shares of the mining company’s stock worth $4,585,000 after buying an additional 360,100 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Kinross Gold by 104.8% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 118,197 shares of the mining company’s stock worth $1,096,000 after acquiring an additional 60,470 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in Kinross Gold in the fourth quarter valued at $250,000. Finally, Choreo LLC bought a new position in shares of Kinross Gold in the 4th quarter valued at about $170,000. Institutional investors and hedge funds 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.