Cormark Forecasts Kinross Gold’s FY2024 Earnings (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) – Equities research analysts at Cormark raised their FY2024 earnings per share (EPS) estimates for shares of Kinross Gold in a research note issued on Thursday, November 7th. Cormark analyst R. Gray now expects that the mining company will post earnings of $0.73 per share for the year, up from their prior estimate of $0.59. The consensus estimate for Kinross Gold’s current full-year earnings is $0.66 per share. Cormark also issued estimates for Kinross Gold’s Q4 2024 earnings at $0.24 EPS, FY2025 earnings at $0.90 EPS and FY2026 earnings at $0.86 EPS.

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, topping the consensus estimate of $0.19 by $0.05. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the business earned $0.12 earnings per share. The firm’s revenue was up 29.9% on a year-over-year basis.

KGC has been the subject of a number of other research reports. 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 report on Monday, August 19th. StockNews.com cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 1st. Finally, 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 report on Friday, October 4th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Kinross Gold has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Kinross Gold Stock Down 2.2 %

Shares of NYSE:KGC opened at $10.46 on Friday. The firm has a fifty day moving average of $9.74 and a 200 day moving average of $8.71. Kinross Gold has a 52-week low of $4.75 and a 52-week high of $10.82. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.52 and a current ratio of 1.61. The firm has a market capitalization of $12.85 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.50 and a beta of 1.22.

Hedge Funds Weigh In On Kinross Gold

Several large investors have recently made changes to their positions in the business. Atlas Capital Advisors LLC bought a new position in shares of Kinross Gold in the second quarter worth approximately $40,000. Fifth Third Bancorp lifted its holdings in shares of Kinross Gold by 3,524.4% during the 2nd quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock valued at $80,000 after buying an additional 9,375 shares during the period. Corundum Trust Company INC purchased a new stake in Kinross Gold during the third quarter valued at $94,000. OneDigital Investment Advisors LLC bought a new stake in shares of Kinross Gold during the 3rd quarter valued at about $94,000. Finally, Fiera Capital Corp purchased a new stake in shares of Kinross Gold during the 3rd quarter valued at about $99,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Wednesday, November 27th. Kinross Gold’s dividend payout ratio (DPR) is presently 19.67%.

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.