Kinross Gold Corporation (NYSE:KGC) Receives $29.81 Average Target Price from Brokerages

Shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) have been given an average rating of “Buy” by the sixteen research firms that are presently covering the company, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and four have issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $29.8125.

A number of analysts recently weighed in on KGC shares. UBS Group upped their target price on shares of Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, December 1st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $33.00 price target on shares of Kinross Gold in a report on Sunday, December 7th. CIBC increased their price objective on Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Raymond James Financial boosted their target price on Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Finally, Desjardins assumed coverage on Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating on the stock.

Kinross Gold Stock Performance

Shares of KGC opened at $29.46 on Friday. Kinross Gold has a 52-week low of $9.04 and a 52-week high of $29.80. The stock’s 50-day simple moving average is $25.91 and its 200 day simple moving average is $21.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.68 and a current ratio of 2.83. The stock has a market capitalization of $35.45 billion, a price-to-earnings ratio of 20.60, a price-to-earnings-growth ratio of 0.43 and a beta of 0.74.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. Research analysts forecast that Kinross Gold will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th were given a dividend of $0.035 per share. The ex-dividend date was Wednesday, November 26th. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 annualized dividend and a yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is presently 9.79%.

Hedge Funds Weigh In On Kinross Gold

A number of institutional investors have recently made changes to their positions in KGC. Caitlin John LLC bought a new stake in shares of Kinross Gold during the 3rd quarter worth $26,000. Virtus Advisers LLC purchased a new stake in Kinross Gold during the third quarter valued at about $28,000. GPS Wealth Strategies Group LLC bought a new stake in Kinross Gold during the third quarter worth about $29,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in shares of Kinross Gold in the 3rd quarter worth about $31,000. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Kinross Gold by 85.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.