Kinross Gold (NYSE:KGC) Reaches New 12-Month High After Better-Than-Expected Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K) hit a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $7.17 and last traded at $7.15, with a volume of 8218479 shares traded. The stock had previously closed at $6.77.

The mining company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.04. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. The business’s quarterly revenue was up 16.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th will be paid a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Thursday, May 30th. Kinross Gold’s payout ratio is presently 35.29%.

Analysts Set New Price Targets

KGC has been the subject of several recent research reports. CIBC lifted their price objective on Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. TheStreet lowered Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. Scotiabank raised their target price on Kinross Gold from $7.00 to $8.00 and gave the stock a “sector outperform” rating in a research report on Thursday. StockNews.com raised Kinross Gold from a “hold” rating to a “buy” rating in a research report on Tuesday, April 2nd. Finally, Jefferies Financial Group raised their target price on Kinross Gold from $5.00 to $6.00 and gave the stock a “hold” rating in a research report on Monday, April 22nd. One 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’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.69.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in KGC. Norges Bank acquired a new position in Kinross Gold during the fourth quarter worth approximately $265,327,000. Van ECK Associates Corp increased its position in Kinross Gold by 9.5% during the first quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock worth $925,392,000 after buying an additional 13,099,791 shares during the period. Boston Partners increased its position in Kinross Gold by 96.1% during the third quarter. Boston Partners now owns 11,736,328 shares of the mining company’s stock worth $53,518,000 after buying an additional 5,752,397 shares during the period. First Eagle Investment Management LLC acquired a new position in Kinross Gold during the first quarter worth approximately $23,907,000. Finally, CIBC Asset Management Inc increased its position in Kinross Gold by 183.9% during the fourth quarter. CIBC Asset Management Inc now owns 4,445,008 shares of the mining company’s stock worth $26,990,000 after buying an additional 2,879,269 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Stock Performance

The company has a market cap of $9.26 billion, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 2.09 and a beta of 1.14. The company has a quick ratio of 0.95, a current ratio of 2.63 and a debt-to-equity ratio of 0.36. The firm has a 50-day simple moving average of $6.16 and a 200 day simple moving average of $5.75.

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.