Kinross Gold (NYSE:KGC) Shares Gap Down – Here’s What Happened

Shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) gapped down before the market opened on Monday . The stock had previously closed at $10.22, but opened at $9.80. Kinross Gold shares last traded at $9.88, with a volume of 728,178 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on KGC shares. Scotiabank boosted their price target on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. StockNews.com upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 9th. Finally, Jefferies Financial Group raised their price target on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Kinross Gold presently has an average rating of “Moderate Buy” and an average target price of $10.00.

Kinross Gold Stock Up 1.7 %

The firm’s 50 day simple moving average is $9.91 and its 200-day simple moving average is $8.98. The company has a market cap of $12.27 billion, a price-to-earnings ratio of 16.36, a P/E/G ratio of 0.47 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.19 by $0.05. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.32 billion. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The firm’s revenue was up 29.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. As a group, sell-side analysts anticipate that Kinross Gold Co. will post 0.7 earnings per share for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be paid a $0.03 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.12 dividend on an annualized basis and a yield of 1.20%. Kinross Gold’s dividend payout ratio is presently 19.67%.

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. grew its stake in shares of Kinross Gold by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock valued at $278,486,000 after purchasing an additional 497,531 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Kinross Gold by 64.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,749,480 shares of the mining company’s stock valued at $29,115,000 after buying an additional 1,856,478 shares during the period. Janus Henderson Group PLC raised its position in Kinross Gold by 78.2% during the 1st quarter. Janus Henderson Group PLC now owns 1,608,530 shares of the mining company’s stock worth $9,868,000 after buying an additional 706,060 shares during the last quarter. Virtu Financial LLC lifted its stake in shares of Kinross Gold by 151.1% in the 1st quarter. Virtu Financial LLC now owns 151,783 shares of the mining company’s stock worth $930,000 after acquiring an additional 91,328 shares during the period. Finally, Cetera Advisors LLC boosted its holdings in shares of Kinross Gold by 10.1% in the first quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock valued at $122,000 after acquiring an additional 1,828 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

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.