Kinross Gold (NYSE:KGC) Reaches New 52-Week High – Here’s What Happened

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $12.59 and last traded at $12.49, with a volume of 2347649 shares trading hands. The stock had previously closed at $12.20.

Analyst Upgrades and Downgrades

KGC has been the topic of a number of research reports. Stifel Canada raised shares of Kinross Gold to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bank Financial raised Kinross Gold to a “strong-buy” rating in a report on Friday. CIBC lifted their price target on Kinross Gold from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Finally, StockNews.com downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Saturday. One research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $11.63.

Kinross Gold Price Performance

The firm has a market capitalization of $15.20 billion, a P/E ratio of 16.07, a PEG ratio of 0.68 and a beta of 1.29. The company has a fifty day moving average of $11.25 and a 200 day moving average of $10.30. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.01 and a quick ratio of 0.83.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, February 12th. The mining company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). Kinross Gold had a return on equity of 12.65% and a net margin of 18.43%. Sell-side analysts predict that Kinross Gold Co. will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 20th. Stockholders of record on Wednesday, March 5th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date was Wednesday, March 5th. Kinross Gold’s dividend payout ratio is 15.58%.

Institutional Investors Weigh In On Kinross Gold

Hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp grew its position in shares of Kinross Gold by 62.2% during the 4th quarter. Van ECK Associates Corp now owns 116,323,261 shares of the mining company’s stock worth $1,078,330,000 after buying an additional 44,610,091 shares during the period. Vanguard Group Inc. grew its holdings in Kinross Gold by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 47,365,206 shares of the mining company’s stock worth $439,881,000 after purchasing an additional 763,248 shares during the period. Renaissance Technologies LLC increased its stake in Kinross Gold by 10.9% in the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company’s stock valued at $304,633,000 after purchasing an additional 3,224,455 shares in the last quarter. Norges Bank acquired a new position in shares of Kinross Gold during the fourth quarter valued at about $280,697,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Kinross Gold by 10.5% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,665,537 shares of the mining company’s stock worth $136,028,000 after purchasing an additional 1,398,225 shares in the last quarter. 63.69% of the stock is currently 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.