Kinross Gold Co. (NYSE:KGC) Sees Significant Decrease in Short Interest

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the target of a significant decrease in short interest during the month of November. As of November 15th, there was short interest totalling 11,560,000 shares, a decrease of 9.7% from the October 31st total of 12,800,000 shares. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily volume of 16,160,000 shares, the days-to-cover ratio is currently 0.7 days.

Kinross Gold Trading Up 4.1 %

NYSE KGC traded up $0.39 during trading hours on Tuesday, hitting $9.92. 16,303,202 shares of the company’s stock were exchanged, compared to its average volume of 15,507,616. 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 firm has a market capitalization of $12.19 billion, a P/E ratio of 16.26, a price-to-earnings-growth ratio of 0.43 and a beta of 1.22. The business’s 50 day moving average is $9.93 and its 200-day moving average is $9.05. Kinross Gold has a 12-month low of $4.75 and a 12-month high of $10.82.

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

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th will be issued a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.21%. Kinross Gold’s payout ratio is 19.67%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on KGC shares. Scotiabank upped their target price on Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Jefferies Financial Group lifted their price objective on Kinross Gold from $9.00 to $10.00 and gave the stock a “hold” rating in a research report on Friday, October 4th. Finally, StockNews.com upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. One research analyst has rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Kinross Gold presently has an average rating of “Buy” and an average price target of $11.13.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Private Advisor Group LLC raised its position in 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 purchasing an additional 981 shares during the period. First Trust Direct Indexing L.P. raised its stake in shares of Kinross Gold by 2.7% during the third quarter. First Trust Direct Indexing L.P. now owns 47,796 shares of the mining company’s stock valued at $447,000 after purchasing an additional 1,235 shares during the period. Cetera Advisors LLC lifted its holdings in Kinross Gold by 10.1% in the 1st quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock worth $122,000 after buying an additional 1,828 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Kinross Gold by 18.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 14,265 shares of the mining company’s stock valued at $119,000 after acquiring an additional 2,180 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of 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 acquiring an additional 2,200 shares during 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.