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 trading hands.

Wall Street Analyst Weigh In

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

Kinross Gold Stock Down 2.8 %

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

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. Analysts forecast that Kinross Gold Co. will post 0.57 EPS for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Thursday, August 22nd will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Thursday, August 22nd. Kinross Gold’s payout ratio is currently 33.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of KGC. International Assets Investment Management LLC bought a new position in shares of Kinross Gold in the fourth quarter worth $320,000. Cerity Partners LLC lifted its holdings in shares of Kinross Gold by 8.8% in the fourth quarter. Cerity Partners LLC now owns 56,884 shares of the mining company’s stock worth $344,000 after buying an additional 4,604 shares in the last quarter. Signaturefd LLC grew its stake in Kinross Gold by 7.7% during the fourth quarter. Signaturefd LLC now owns 42,585 shares of the mining company’s stock valued at $258,000 after acquiring an additional 3,048 shares in the last quarter. Truist Financial Corp lifted its stake in Kinross Gold by 68.6% in the 4th quarter. Truist Financial Corp now owns 47,457 shares of the mining company’s stock worth $287,000 after purchasing an additional 19,317 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Kinross Gold in the 4th quarter valued at $44,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

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.