Raymond James Comments on Kinross Gold Co.’s Q2 2024 Earnings (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities research analysts at Raymond James upped their Q2 2024 earnings per share estimates for Kinross Gold in a report released on Tuesday, April 23rd. Raymond James analyst F. Hamed now expects that the mining company will post earnings of $0.12 per share for the quarter, up from their prior estimate of $0.04. The consensus estimate for Kinross Gold’s current full-year earnings is $0.37 per share. Raymond James also issued estimates for Kinross Gold’s Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.14 EPS and FY2024 earnings at $0.44 EPS.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Thursday, February 15th. The mining company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.04 billion. Kinross Gold had a net margin of 9.82% and a return on equity of 8.85%. The company’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the business posted $0.09 earnings per share.

A number of other brokerages have also commented on KGC. StockNews.com raised shares of Kinross Gold from a “hold” rating to a “buy” rating in a report on Tuesday, April 2nd. Jefferies Financial Group upped their price objective on Kinross Gold from $5.00 to $6.00 and gave the stock a “hold” rating in a report on Monday. National Bank Financial reissued an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. CIBC upped their price target on Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Finally, TheStreet lowered Kinross Gold from a “b” rating to a “c+” rating in a research report on Friday, February 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Kinross Gold presently has a consensus rating of “Moderate Buy” and an average price target of $6.44.

Kinross Gold Trading Up 2.0 %

Shares of KGC opened at $6.74 on Friday. The stock has a fifty day moving average price of $5.79 and a two-hundred day moving average price of $5.63. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.95 and a current ratio of 2.63. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 2.22 and a beta of 1.15. Kinross Gold has a 52-week low of $4.32 and a 52-week high of $6.82.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 6th were issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Tuesday, March 5th. Kinross Gold’s dividend payout ratio is currently 35.29%.

Hedge Funds Weigh In On Kinross Gold

A number of hedge funds and other institutional investors have recently made changes to their positions in KGC. Vanguard Group Inc. increased its position in shares of Kinross Gold by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 44,932,404 shares of the mining company’s stock valued at $271,841,000 after buying an additional 528,121 shares in the last quarter. Norges Bank acquired a new position in Kinross Gold in the fourth quarter valued at about $265,327,000. Ruffer LLP increased its holdings in shares of Kinross Gold by 4.6% in the fourth quarter. Ruffer LLP now owns 19,968,341 shares of the mining company’s stock worth $120,908,000 after acquiring an additional 877,104 shares in the last quarter. Boston Partners raised its position in shares of Kinross Gold by 44.0% during the fourth quarter. Boston Partners now owns 16,898,452 shares of the mining company’s stock worth $102,236,000 after purchasing an additional 5,162,124 shares during the period. Finally, Mackenzie Financial Corp raised its position in shares of Kinross Gold by 13.3% during the fourth quarter. Mackenzie Financial Corp now owns 10,593,655 shares of the mining company’s stock worth $64,151,000 after purchasing an additional 1,239,966 shares during the period. 63.69% of the stock is owned by institutional investors.

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.