Kinross Gold Co. (NYSE:KGC) Sees Large Decline in Short Interest

Kinross Gold Co. (NYSE:KGC) (TSE:K) was the recipient of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 7,950,000 shares, a drop of 31.2% from the November 15th total of 11,560,000 shares. Based on an average daily volume of 16,490,000 shares, the short-interest ratio is presently 0.5 days. Currently, 0.7% of the company’s stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have weighed in on KGC shares. 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 research note on Friday, October 4th. Scotiabank boosted their target price on Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 19th. Finally, StockNews.com raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 9th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Kinross Gold presently has a consensus rating of “Buy” and a consensus target price of $11.13.

Kinross Gold Price Performance

KGC stock traded down $0.29 on Friday, reaching $9.77. The company had a trading volume of 15,684,307 shares, compared to its average volume of 15,492,234. Kinross Gold has a 1 year low of $4.75 and a 1 year high of $10.82. The company has a market cap of $12.00 billion, a P/E ratio of 16.00, a PEG ratio of 0.47 and a beta of 1.21. The company’s fifty day moving average is $9.99 and its 200 day moving average is $9.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.63 and a current ratio of 1.61.

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 (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.05. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.32 billion. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The company’s quarterly revenue was up 29.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. On average, research analysts forecast that Kinross Gold will post 0.7 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date was Wednesday, November 27th. Kinross Gold’s dividend payout ratio (DPR) is presently 19.67%.

Institutional Trading of Kinross Gold

A number of institutional investors and hedge funds have recently bought and sold shares of KGC. Private Advisor Group LLC lifted its position in Kinross Gold by 8.7% during the 3rd quarter. Private Advisor Group LLC now owns 12,238 shares of the mining company’s stock worth $115,000 after acquiring an additional 981 shares in the last quarter. 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 position in shares of Kinross Gold by 10.1% during the first quarter. Cetera Advisors LLC now owns 19,873 shares of the mining company’s stock worth $122,000 after purchasing an additional 1,828 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake 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 purchasing an additional 2,180 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Kinross Gold by 9.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 25,708 shares of the mining company’s stock worth $241,000 after buying an additional 2,200 shares during the period. 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.