Cormark Analysts Lift Earnings Estimates for Kinross Gold

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities researchers at Cormark boosted their Q3 2024 earnings per share estimates for Kinross Gold in a research report issued on Wednesday, October 23rd. Cormark analyst R. Gray now anticipates that the mining company will earn $0.18 per share for the quarter, up from their previous forecast of $0.16. The consensus estimate for Kinross Gold’s current full-year earnings is $0.63 per share.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the company posted $0.14 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year.

Several other analysts have also recently commented on KGC. Scotiabank increased their target price on 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 cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 25th. 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 report on Friday, October 4th. Finally, CIBC raised their price target on Kinross Gold from $8.15 to $12.00 and gave the company an “outperformer” rating in a report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Kinross Gold currently has an average rating of “Moderate Buy” and an average price target of $9.50.

Kinross Gold Stock Performance

Kinross Gold stock opened at $10.77 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.27 and a quick ratio of 0.52. The stock has a fifty day moving average price of $9.48 and a two-hundred day moving average price of $8.41. Kinross Gold has a 52-week low of $4.75 and a 52-week high of $10.82. The firm has a market capitalization of $13.24 billion, a P/E ratio of 26.27, a P/E/G ratio of 0.58 and a beta of 1.24.

Institutional Investors Weigh In On Kinross Gold

Several large investors have recently bought and sold shares of the company. Private Advisor Group LLC boosted its holdings in shares of Kinross Gold by 8.7% in the third quarter. Private Advisor Group LLC now owns 12,238 shares of the mining company’s stock valued at $115,000 after buying an additional 981 shares during the period. 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 buying an additional 1,828 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Kinross Gold by 18.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after buying an additional 2,180 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in Kinross Gold by 9.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 25,708 shares of the mining company’s stock worth $241,000 after purchasing an additional 2,200 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in Kinross Gold by 3.0% during the first quarter. O Shaughnessy Asset Management LLC now owns 105,372 shares of the mining company’s stock worth $647,000 after purchasing an additional 3,070 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, August 22nd. Kinross Gold’s payout ratio is presently 29.27%.

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.