Kinross Gold (NYSE:KGC) Hits New 52-Week High at $9.62

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $9.62 and last traded at $9.60, with a volume of 5040132 shares traded. The stock had previously closed at $9.15.

Wall Street Analysts Forecast Growth

Several brokerages have commented on KGC. Jefferies Financial Group lifted their price objective on shares of Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research report on Friday, July 12th. BMO Capital Markets raised their price target on Kinross Gold from $10.00 to $11.50 and gave the stock an “outperform” rating in a report on Tuesday, May 21st. Scotiabank upped their price target on Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Finally, CIBC lifted their price target on Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.33.

Kinross Gold Trading Up 6.8 %

The stock has a fifty day moving average of $8.86 and a 200 day moving average of $7.53. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.27. The company has a market capitalization of $12.01 billion, a P/E ratio of 26.72, a PEG ratio of 0.48 and a beta of 1.23.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.01. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the previous year, the company posted $0.14 EPS. The firm’s revenue was up 11.6% on a year-over-year basis. As a group, equities research analysts anticipate that Kinross Gold Co. will post 0.58 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date was Thursday, August 22nd. Kinross Gold’s dividend payout ratio (DPR) is 33.33%.

Institutional Investors Weigh In On Kinross Gold

A number of institutional investors have recently added to or reduced their stakes in KGC. Atlas Capital Advisors LLC purchased a new stake in shares of Kinross Gold during the second quarter valued at $40,000. Advisor Resource Council purchased a new position in shares of Kinross Gold in the 1st quarter valued at $60,000. Sivia Capital Partners LLC bought a new position in shares of Kinross Gold in the 4th quarter worth $63,000. Bright Futures Wealth Management LLC. purchased a new stake in shares of Kinross Gold during the 1st quarter worth $70,000. Finally, Fifth Third Bancorp boosted its position in Kinross Gold by 3,524.4% during the second quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock valued at $80,000 after purchasing an additional 9,375 shares in the last quarter. 63.69% of the stock is 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.