Kinross Gold (NYSE:KGC) Shares Gap Down – Time to Sell?

Kinross Gold Co. (NYSE:KGC) (TSE:K)’s share price gapped down prior to trading on Monday . The stock had previously closed at $10.47, but opened at $9.97. Kinross Gold shares last traded at $9.80, with a volume of 3,332,696 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on KGC shares. Scotiabank boosted 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. Jefferies Financial Group increased 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 upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.50.

Kinross Gold Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.63 and a current ratio of 1.61. The stock’s 50 day simple moving average is $9.75 and its 200 day simple moving average is $8.75. The firm has a market capitalization of $11.68 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.46 and a beta of 1.22.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 5th. The mining company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. Kinross Gold’s revenue for the quarter was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. As a group, analysts expect that Kinross Gold Co. will post 0.69 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Thursday, November 28th will be given a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 annualized dividend and a yield of 1.26%. Kinross Gold’s dividend payout ratio is presently 19.67%.

Institutional Trading of Kinross Gold

Several hedge funds and other institutional investors have recently added to or reduced their stakes in KGC. Vanguard Group Inc. lifted its stake in shares of Kinross Gold by 1.1% in the first quarter. Vanguard Group Inc. now owns 45,429,935 shares of the mining company’s stock worth $278,486,000 after buying an additional 497,531 shares in the last quarter. Boston Partners grew its holdings in Kinross Gold by 7.9% during the 1st 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Kinross Gold by 5.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,267,312 shares of the mining company’s stock valued at $124,276,000 after buying an additional 642,007 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Kinross Gold by 6.2% in the 2nd quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company’s stock valued at $91,255,000 after buying an additional 643,013 shares in the last quarter. Finally, National Bank of Canada FI boosted its holdings in shares of Kinross Gold by 31.2% in the 2nd quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock valued at $78,946,000 after buying an additional 2,267,999 shares in the last quarter. Institutional investors and hedge funds 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.