Kinross Gold (NYSE:KGC) Trading Down 5.7% on Disappointing Earnings

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) dropped 5.7% during trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $11.47 and last traded at $11.46. Approximately 4,762,137 shares traded hands during trading, a decline of 77% from the average daily volume of 21,134,719 shares. The stock had previously closed at $12.15.

The mining company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, March 5th. This represents a $0.12 dividend on an annualized basis and a yield of 1.07%. Kinross Gold’s dividend payout ratio (DPR) is currently 15.58%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. CIBC increased their price target on Kinross Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday. StockNews.com raised shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 9th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Kinross Gold presently has an average rating of “Buy” and a consensus target price of $11.63.

Institutional Trading of Kinross Gold

A number of institutional investors have recently modified their holdings of KGC. Manatuck Hill Partners LLC lifted its holdings in Kinross Gold by 312.5% during the 4th quarter. Manatuck Hill Partners LLC now owns 158,400 shares of the mining company’s stock worth $1,468,000 after purchasing an additional 120,000 shares in the last quarter. Parvin Asset Management LLC purchased a new position in shares of Kinross Gold in the 4th quarter worth about $623,000. Northern Trust Corp raised its holdings in shares of Kinross Gold by 80.5% during the 4th quarter. Northern Trust Corp now owns 1,185,021 shares of the mining company’s stock valued at $10,985,000 after buying an additional 528,339 shares in the last quarter. Oxford Asset Management LLP purchased a new position in shares of Kinross Gold during the fourth quarter worth approximately $157,000. Finally, Integrated Wealth Concepts LLC lifted its stake in Kinross Gold by 14.3% in the fourth quarter. Integrated Wealth Concepts LLC now owns 215,215 shares of the mining company’s stock worth $1,995,000 after purchasing an additional 26,952 shares during the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.63 and a current ratio of 1.61. The business has a 50 day moving average price of $10.36 and a two-hundred day moving average price of $9.81. The company has a market cap of $13.85 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 0.67 and a beta of 1.24.

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.