Kinross Gold (TSE:K) Reaches New 12-Month High Following Dividend Announcement

Kinross Gold Co. (TSE:K) (NYSE:KGC)’s stock price hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as C$21.93 and last traded at C$21.85, with a volume of 950459 shares trading hands. The stock had previously closed at C$21.00.

The newly announced dividend which will be paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th will be issued a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 0.58%. Kinross Gold’s dividend payout ratio is presently 18.84%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on K shares. BMO Capital Markets raised Kinross Gold to a “strong-buy” rating in a research report on Wednesday, April 16th. Stifel Nicolaus lifted their price objective on shares of Kinross Gold from C$23.50 to C$24.50 and gave the stock a “buy” rating in a research report on Wednesday. National Bankshares increased their target price on shares of Kinross Gold from C$22.00 to C$23.00 and gave the company an “outperform” rating in a research report on Wednesday, April 2nd. National Bank Financial upgraded Kinross Gold to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Stifel Canada raised Kinross Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of C$18.60.

Kinross Gold Trading Down 4.9 %

The company has a debt-to-equity ratio of 18.81, a current ratio of 1.61 and a quick ratio of 1.11. The stock has a 50 day moving average of C$18.46 and a 200 day moving average of C$16.00. The firm has a market cap of C$17.88 billion, a P/E ratio of 24.20, a PEG ratio of -0.60 and a beta of 1.24.

Insider Activity at Kinross Gold

In related news, Director George Vincent Albino acquired 5,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was purchased at an average price of C$16.07 per share, for a total transaction of C$80,369.87. Also, Director Jonathan Paul Rollinson sold 205,318 shares of Kinross Gold stock in a transaction on Friday, February 28th. The stock was sold at an average price of C$15.22, for a total transaction of C$3,124,939.96. In the last three months, insiders have sold 349,670 shares of company stock valued at $5,366,186. Corporate insiders own 0.26% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold is a Canada-based senior gold producer, producing roughly 2.4 million gold equivalent ounces in 2020. The company had 30 million ounces of proven and probable gold reserves and 59 million ounces of silver reserves at the end of 2020. It operates mines and focuses its greenfield and brownfield exploration in the Americas, West Africa, and Russia.