Kinross Gold (NYSE:KGC) Shares Gap Down to $9.31

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $9.31, but opened at $9.10. Kinross Gold shares last traded at $9.06, with a volume of 294,249 shares.

Analyst Ratings Changes

Several brokerages have recently weighed in on KGC. Cormark upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Thursday, May 9th. BMO Capital Markets upped their price objective on Kinross Gold from $10.00 to $11.50 and gave the stock an “outperform” rating in a research note on Tuesday, May 21st. Scotiabank raised their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research note on Monday. CIBC boosted their target price on shares of Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Finally, Jefferies Financial Group increased their price target on shares of Kinross Gold from $7.00 to $9.00 and gave the company a “hold” rating in a research note on Friday, July 12th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.33.

Kinross Gold Stock Performance

The stock has a market capitalization of $11.09 billion, a P/E ratio of 25.88, a PEG ratio of 0.54 and a beta of 1.19. The stock’s 50-day simple moving average is $8.54 and its 200 day simple moving average is $7.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 31st. The mining company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. Kinross Gold’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 EPS. Research analysts expect that Kinross Gold Co. will post 0.57 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd will be given a $0.03 dividend. This represents a $0.12 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Thursday, August 22nd. Kinross Gold’s payout ratio is 33.33%.

Institutional Trading of Kinross Gold

Several hedge funds have recently added to or reduced their stakes in KGC. Cetera Advisors LLC increased its position in Kinross Gold by 10.1% during the 1st quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock worth $122,000 after buying an additional 1,828 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Kinross Gold by 18.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock worth $119,000 after acquiring an additional 2,180 shares during the period. Crossmark Global Holdings Inc. raised its stake in Kinross Gold by 1.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 130,473 shares of the mining company’s stock worth $790,000 after purchasing an additional 2,204 shares in the last quarter. PFG Investments LLC boosted its holdings in Kinross Gold by 13.6% in the 1st quarter. PFG Investments LLC now owns 20,454 shares of the mining company’s stock valued at $125,000 after purchasing an additional 2,454 shares during the period. Finally, Metis Global Partners LLC grew its position in shares of Kinross Gold by 7.6% during the 4th quarter. Metis Global Partners LLC now owns 42,784 shares of the mining company’s stock worth $259,000 after purchasing an additional 3,018 shares in the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

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.