Kinross Gold (NYSE:KGC) Upgraded to Strong-Buy by StockNews.com

StockNews.com upgraded shares of Kinross Gold (NYSE:KGC) (TSE:K) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday.

A number of other equities research analysts also recently commented on the stock. BMO Capital Markets increased their price objective on shares of Kinross Gold from $10.00 to $11.50 and gave the company an outperform rating in a research report on Tuesday, May 21st. Scotiabank increased their target price on Kinross Gold from $9.50 to $11.00 and gave the company a sector outperform rating in a report on Monday, August 19th. CIBC lifted their price target on 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 upped their price objective on Kinross Gold from $7.00 to $9.00 and gave the stock a hold rating in a research report on Friday, July 12th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $9.33.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $9.39 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 0.56 and a beta of 1.23. The stock’s 50-day moving average is $8.95 and its two-hundred day moving average is $7.68. Kinross Gold has a 1-year low of $4.32 and a 1-year high of $10.10.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 9.32% and a net margin of 10.91%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.14 earnings per share. Analysts forecast that Kinross Gold will post 0.58 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.28%. The ex-dividend date of this dividend was Thursday, August 22nd. Kinross Gold’s dividend payout ratio (DPR) is currently 33.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp boosted its holdings in shares of Kinross Gold by 33.2% in the second quarter. Truist Financial Corp now owns 161,900 shares of the mining company’s stock valued at $1,347,000 after acquiring an additional 40,371 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Kinross Gold by 18.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after purchasing an additional 2,180 shares during the last quarter. Creative Planning boosted its stake in Kinross Gold by 48.6% during the 2nd quarter. Creative Planning now owns 64,256 shares of the mining company’s stock worth $535,000 after purchasing an additional 21,004 shares during the period. Lighthouse Investment Partners LLC grew its position in Kinross Gold by 1,401.5% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 273,175 shares of the mining company’s stock worth $2,273,000 after purchasing an additional 254,981 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Kinross Gold by 6.2% in the second quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock valued at $91,255,000 after purchasing an additional 643,013 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

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.