FY2024 EPS Estimate for Kinross Gold Boosted by Analyst

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities research analysts at National Bank Financial increased their FY2024 earnings per share (EPS) estimates for shares of Kinross Gold in a research note issued on Wednesday, November 6th. National Bank Financial analyst M. Parkin now anticipates that the mining company will post earnings per share of $0.82 for the year, up from their previous estimate of $0.78. The consensus estimate for Kinross Gold’s current full-year earnings is $0.66 per share.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the business posted $0.12 EPS. The company’s revenue was up 29.9% on a year-over-year basis.

Several other equities analysts have also recently issued reports on KGC. Scotiabank lifted their price objective on Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. StockNews.com cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group lifted their price objective on Kinross Gold from $9.00 to $10.00 and gave the stock a “hold” rating in a report on Friday, October 4th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Kinross Gold Stock Up 8.6 %

KGC opened at $10.70 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.52. The business has a 50 day simple moving average of $9.71 and a 200-day simple moving average of $8.68. The stock has a market capitalization of $13.14 billion, a P/E ratio of 17.53, a P/E/G ratio of 0.50 and a beta of 1.22. Kinross Gold has a 12 month low of $4.75 and a 12 month high of $10.82.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date is Wednesday, November 27th. Kinross Gold’s dividend payout ratio is currently 19.67%.

Institutional Investors Weigh In On Kinross Gold

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Kinross Gold by 1.1% during the first quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock valued at $278,486,000 after acquiring an additional 497,531 shares during the period. Quantbot Technologies LP purchased a new stake in Kinross Gold during the first quarter valued at about $1,095,000. Gabelli Funds LLC grew its position in Kinross Gold by 3.9% during the second quarter. Gabelli Funds LLC now owns 5,194,500 shares of the mining company’s stock valued at $43,218,000 after acquiring an additional 194,700 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Kinross Gold during the first quarter valued at about $3,199,000. Finally, International Assets Investment Management LLC purchased a new stake in Kinross Gold during the third quarter valued at about $780,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

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.