Kinross Gold (NYSE:KGC) Reaches New 12-Month High – Here’s Why

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) reached a new 52-week high during trading on Tuesday . The stock traded as high as $12.32 and last traded at $12.05, with a volume of 10895078 shares traded. The stock had previously closed at $12.02.

Analysts Set New Price Targets

A number of analysts have issued reports on KGC shares. StockNews.com upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Friday, March 14th. Stifel Canada raised shares of Kinross Gold to a “strong-buy” rating in a research report on Wednesday. Finally, CIBC boosted their price target on shares of Kinross Gold from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Kinross Gold has a consensus rating of “Buy” and an average price target of $11.63.

Kinross Gold Trading Up 0.9 %

The company has a market cap of $15.14 billion, a price-to-earnings ratio of 15.99, a P/E/G ratio of 0.68 and a beta of 1.29. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.83 and a current ratio of 2.01. The firm has a fifty day moving average price of $11.14 and a 200 day moving average price of $10.21.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, February 12th. The mining company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Kinross Gold had a return on equity of 12.65% and a net margin of 18.43%. As a group, equities analysts predict that Kinross Gold Co. will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Shareholders of record on Wednesday, March 5th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Wednesday, March 5th. Kinross Gold’s dividend payout ratio is presently 15.58%.

Institutional Trading of Kinross Gold

A number of hedge funds have recently made changes to their positions in KGC. Van ECK Associates Corp lifted its stake in shares of Kinross Gold by 62.2% in the fourth quarter. Van ECK Associates Corp now owns 116,323,261 shares of the mining company’s stock worth $1,078,330,000 after acquiring an additional 44,610,091 shares during the period. Vanguard Group Inc. increased its holdings in shares of Kinross Gold by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 47,365,206 shares of the mining company’s stock valued at $439,881,000 after acquiring an additional 763,248 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Kinross Gold by 10.9% during the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company’s stock valued at $304,633,000 after acquiring an additional 3,224,455 shares in the last quarter. Norges Bank bought a new stake in Kinross Gold during the fourth quarter worth $280,697,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in Kinross Gold by 10.5% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,665,537 shares of the mining company’s stock worth $136,028,000 after buying an additional 1,398,225 shares in the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

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.