Kinross Gold (TSE:K) Hits New 12-Month High After Analyst Upgrade

Kinross Gold Co. (TSE:K) (NYSE:KGC) hit a new 52-week high on Thursday after Eight Capital raised their price target on the stock from C$15.00 to C$16.00. Eight Capital currently has a buy rating on the stock. Kinross Gold traded as high as C$13.09 and last traded at C$13.06, with a volume of 1399926 shares traded. The stock had previously closed at C$12.41.

Several other research analysts also recently weighed in on K. Canaccord Genuity Group boosted their target price on Kinross Gold from C$13.50 to C$16.00 in a research note on Tuesday, July 23rd. National Bankshares upped their price objective on shares of Kinross Gold from C$13.75 to C$16.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of C$13.50.

Insider Activity at Kinross Gold

In other news, Senior Officer Claude J.S. Schimper sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of C$12.31, for a total transaction of C$55,395.00. In related news, Senior Officer William D. Dunford sold 6,076 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of C$10.76, for a total value of C$65,377.76. Also, Senior Officer Claude J.S. Schimper sold 4,500 shares of the stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of C$12.31, for a total transaction of C$55,395.00. Company insiders own 0.27% of the company’s stock.

Kinross Gold Stock Performance

The company has a current ratio of 1.27, a quick ratio of 1.11 and a debt-to-equity ratio of 31.89. The stock’s fifty day simple moving average is C$12.09 and its 200 day simple moving average is C$10.26. The company has a market cap of C$16.10 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of -0.60 and a beta of 1.24.

Kinross Gold (TSE:K) (NYSE:KGC) last announced its quarterly earnings results on Wednesday, July 31st. The company reported C$0.19 earnings per share for the quarter, beating the consensus estimate of C$0.18 by C$0.01. Kinross Gold had a net margin of 10.91% and a return on equity of 7.81%. The firm had revenue of C$1.67 billion for the quarter, compared to analysts’ expectations of C$1.39 billion.

Kinross Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Thursday, August 22nd were given a dividend of $0.041 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.25%. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend was Thursday, August 22nd. Kinross Gold’s dividend payout ratio (DPR) is presently 29.63%.

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.