Kinross Gold Co. (NYSE:KGC) to Post FY2024 Earnings of $0.50 Per Share, Raymond James Forecasts

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Research analysts at Raymond James lifted their FY2024 earnings estimates for Kinross Gold in a research report issued on Tuesday, September 10th. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings of $0.50 per share for the year, up from their prior forecast of $0.49. The consensus estimate for Kinross Gold’s current full-year earnings is $0.58 per share.

Kinross Gold (NYSE:KGC) (TSE:K) last issued 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. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.20 billion. Kinross Gold had a net margin of 10.91% and a return on equity of 9.32%. Kinross Gold’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets upped their price target on Kinross Gold from $10.00 to $11.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. Scotiabank increased their price objective on Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. CIBC boosted 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. Finally, Jefferies Financial Group increased their price objective on Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.33.

Kinross Gold Stock Up 0.6 %

Kinross Gold stock opened at $9.84 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.52 and a current ratio of 1.27. Kinross Gold has a one year low of $4.32 and a one year high of $10.10. The firm has a market capitalization of $12.09 billion, a P/E ratio of 27.33, a P/E/G ratio of 0.56 and a beta of 1.23. The company has a 50-day simple moving average of $8.92 and a 200-day simple moving average of $7.59.

Kinross Gold Dividend Announcement

The company 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 $0.03 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.12 annualized dividend and a yield of 1.22%. Kinross Gold’s dividend payout ratio is 33.33%.

Hedge Funds Weigh In On Kinross Gold

Several large investors have recently bought and sold shares of the stock. Cetera Advisors LLC grew its position in Kinross Gold by 10.1% during 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 Kinross Gold by 18.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after purchasing an additional 2,180 shares during the last quarter. Crossmark Global Holdings Inc. increased its stake in Kinross Gold by 1.7% during the 4th quarter. Crossmark Global Holdings Inc. now owns 130,473 shares of the mining company’s stock worth $790,000 after buying an additional 2,204 shares during the period. O Shaughnessy Asset Management LLC increased its position in shares of Kinross Gold by 3.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 105,372 shares of the mining company’s stock valued at $647,000 after purchasing an additional 3,070 shares during the last quarter. Finally, Oxbow Advisors LLC boosted its stake in Kinross Gold by 16.9% during the 2nd quarter. Oxbow Advisors LLC now owns 22,577 shares of the mining company’s stock worth $188,000 after purchasing an additional 3,262 shares during the period. 63.69% of the stock is currently owned by institutional investors.

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.