Kinross Gold (NYSE:KGC) Shares Gap Up to $3.50

Kinross Gold Co. (NYSE:KGC – Get Rating) (TSE:K) shares gapped up before the market opened on Monday . The stock had previously closed at $3.50, but opened at $3.69. Kinross Gold shares last traded at $3.74, with a volume of 4,532,661 shares changing hands.

Analyst Upgrades and Downgrades

KGC has been the subject of several analyst reports. Royal Bank of Canada dropped their price target on shares of Kinross Gold from $6.00 to $4.00 and set a “sector perform” rating for the company in a research report on Tuesday, December 6th. Raymond James increased their price target on shares of Kinross Gold from $4.50 to $5.00 and gave the company a “market perform” rating in a research report on Tuesday, January 31st. Stifel Nicolaus dropped their price target on shares of Kinross Gold from C$10.00 to C$9.00 in a research report on Wednesday, November 23rd. National Bank Financial increased their price target on shares of Kinross Gold from C$8.25 to C$8.50 in a research report on Friday, January 13th. Finally, Canaccord Genuity Group dropped their target price on shares of Kinross Gold from C$8.00 to C$7.25 and set a “buy” rating for the company in a research report on Wednesday, November 16th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $6.53.

Kinross Gold Price Performance

The company’s 50-day moving average price is $4.22 and its 200 day moving average price is $3.96. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.04.

Kinross Gold (NYSE:KGC – Get Rating) (TSE:K) last issued its quarterly earnings results on Thursday, February 16th. The mining company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. Kinross Gold had a negative net margin of 17.18% and a positive return on equity of 4.58%. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $962.80 million. During the same period last year, the company posted $0.08 EPS. As a group, research analysts forecast that Kinross Gold Co. will post 0.35 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 23rd. Investors of record on Wednesday, March 8th will be given a dividend of $0.03 per share. The ex-dividend date of this dividend is Tuesday, March 7th. This represents a $0.12 dividend on an annualized basis and a yield of 3.14%. Kinross Gold’s dividend payout ratio (DPR) is currently -25.53%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of KGC. Barclays PLC increased its stake in Kinross Gold by 24.7% during the 3rd quarter. Barclays PLC now owns 75,405,857 shares of the mining company’s stock valued at $283,526,000 after purchasing an additional 14,955,650 shares in the last quarter. Millennium Management LLC increased its stake in Kinross Gold by 207.3% during the 4th quarter. Millennium Management LLC now owns 16,449,766 shares of the mining company’s stock valued at $67,244,000 after purchasing an additional 11,097,512 shares in the last quarter. 1832 Asset Management L.P. increased its stake in Kinross Gold by 374.2% during the 1st quarter. 1832 Asset Management L.P. now owns 11,766,352 shares of the mining company’s stock valued at $68,230,000 after purchasing an additional 9,285,284 shares in the last quarter. National Bank of Canada FI increased its stake in Kinross Gold by 761.8% during the 4th quarter. National Bank of Canada FI now owns 9,685,769 shares of the mining company’s stock valued at $39,503,000 after purchasing an additional 8,561,904 shares in the last quarter. Finally, Polunin Capital Partners Ltd bought a new stake in Kinross Gold during the 4th quarter valued at about $25,846,000. 55.58% of the stock is owned by hedge funds and other institutional investors.

About Kinross Gold

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Kinross Gold Corp. engages in the production, acquisition, exploration, and development of gold properties. Its mining operations are in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. The firm operates through the following business segments: Fort Knox, Round Mountain, Bald Mountain, Kupol, Paracatu, Tasiast, Chirano, and Corporate & Other.