Cormark Issues Optimistic Estimate for Kinross Gold Earnings

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Stock analysts at Cormark lifted their Q3 2024 earnings per share (EPS) estimates for shares of Kinross Gold in a research note issued to investors 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 prior estimate 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 issued its quarterly earnings data on Wednesday, July 31st. The mining company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $1.22 billion during 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%. The company’s revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.14 EPS.

A number of other analysts have also recently commented on the company. CIBC lifted their target price on Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Scotiabank lifted their price target on Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Jefferies Financial Group boosted their price objective on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Finally, StockNews.com lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Kinross Gold has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Kinross Gold Price Performance

Shares of KGC opened at $10.53 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. Kinross Gold has a 1-year low of $4.75 and a 1-year high of $10.82. The stock has a market cap of $12.94 billion, a PE ratio of 25.68, a price-to-earnings-growth ratio of 0.58 and a beta of 1.24. The firm has a fifty day moving average price of $9.51 and a 200 day moving average price of $8.44.

Institutional Investors Weigh In On Kinross Gold

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in Kinross Gold by 9.5% in the 1st quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock valued at $925,392,000 after buying an additional 13,099,791 shares during the period. Vanguard Group Inc. increased its stake in shares of Kinross Gold by 1.1% during the first quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock worth $278,486,000 after acquiring an additional 497,531 shares during the period. Boston Partners increased its stake in shares of Kinross Gold by 7.9% during the first quarter. Boston Partners now owns 18,226,824 shares of the mining company’s stock worth $111,730,000 after acquiring an additional 1,328,372 shares during the period. Mackenzie Financial Corp raised its holdings in Kinross Gold by 6.2% during the second quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock worth $91,255,000 after purchasing an additional 643,013 shares in the last quarter. Finally, National Bank of Canada FI lifted its position in Kinross Gold by 31.2% in the second quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock valued at $78,946,000 after purchasing an additional 2,267,999 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Thursday, August 22nd were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Thursday, August 22nd. Kinross Gold’s dividend payout ratio (DPR) is presently 29.27%.

Kinross Gold Company Profile

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.