Kinross Gold (NYSE:KGC) Sets New 12-Month High After Strong Earnings

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $7.17 and last traded at $7.15, with a volume of 8218479 shares changing hands. The stock had previously closed at $6.77.

The mining company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. Kinross Gold had a net margin of 9.82% and a return on equity of 8.85%. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.07 EPS.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 6th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Tuesday, March 5th. Kinross Gold’s dividend payout ratio is presently 35.29%.

Analyst Ratings Changes

KGC has been the topic of several recent analyst reports. TheStreet cut Kinross Gold from a “b” rating to a “c+” rating in a research note on Friday, February 16th. National Bank Financial restated an “outperform overweight” rating on shares of Kinross Gold in a report on Monday, April 8th. CIBC upped their price objective on shares of Kinross Gold from $7.00 to $8.15 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Jefferies Financial Group upped their price objective on shares of Kinross Gold from $5.00 to $6.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. Finally, StockNews.com raised shares of Kinross Gold from a “hold” rating to a “buy” rating in a research report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.44.

Institutional Trading of Kinross Gold

A number of institutional investors have recently modified their holdings of KGC. Vanguard Group Inc. lifted its stake in Kinross Gold by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 44,404,283 shares of the mining company’s stock worth $202,484,000 after purchasing an additional 463,035 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Kinross Gold by 23.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 947,037 shares of the mining company’s stock worth $5,707,000 after purchasing an additional 179,933 shares in the last quarter. Wellington Management Group LLP lifted its stake in Kinross Gold by 975.2% in the 3rd quarter. Wellington Management Group LLP now owns 555,458 shares of the mining company’s stock worth $2,543,000 after purchasing an additional 503,799 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Kinross Gold by 4.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,846,537 shares of the mining company’s stock worth $17,285,000 after purchasing an additional 124,055 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Kinross Gold by 24.9% in the 3rd quarter. American Century Companies Inc. now owns 8,046,094 shares of the mining company’s stock worth $36,680,000 after buying an additional 1,603,951 shares during the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Up 4.9 %

The stock’s fifty day moving average price is $6.11 and its 200 day moving average price is $5.74. The stock has a market cap of $8.72 billion, a P/E ratio of 20.88, a price-to-earnings-growth ratio of 2.09 and a beta of 1.14. The company has a current ratio of 2.63, a quick ratio of 0.95 and a debt-to-equity ratio of 0.36.

Kinross Gold Company Profile

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.