Kinross Gold Co. Announces Quarterly Dividend of $0.03 (NYSE:KGC)

Kinross Gold Co. (NYSE:KGC) (TSE:K) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Thursday, May 30th will be given a dividend of 0.03 per share by the mining company on Thursday, June 13th. This represents a $0.12 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Thursday, May 30th.

Kinross Gold has raised its dividend payment by an average of 27.7% annually over the last three years and has increased its dividend every year for the last 1 years. Kinross Gold has a dividend payout ratio of 24.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Kinross Gold to earn $0.51 per share next year, which means the company should continue to be able to cover its $0.12 annual dividend with an expected future payout ratio of 23.5%.

Kinross Gold Stock Performance

Shares of NYSE KGC traded up $0.34 during midday trading on Thursday, reaching $7.44. 10,616,427 shares of the company traded hands, compared to its average volume of 14,622,702. The stock has a 50-day moving average price of $6.11 and a 200 day moving average price of $5.74. The company has a market cap of $9.14 billion, a price-to-earnings ratio of 20.88, a PEG ratio of 2.09 and a beta of 1.14. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.63 and a quick ratio of 0.95. Kinross Gold has a 52 week low of $4.32 and a 52 week high of $7.46.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Tuesday, May 7th. The mining company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. Kinross Gold had a net margin of 9.82% and a return on equity of 8.85%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the business posted $0.07 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. Sell-side analysts anticipate that Kinross Gold will post 0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TheStreet downgraded Kinross Gold from a “b” rating to a “c+” rating in a research note on Friday, February 16th. CIBC upped their price target on shares of Kinross Gold from $7.00 to $8.15 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Jefferies Financial Group lifted their price objective on shares of Kinross Gold from $5.00 to $6.00 and gave the stock a “hold” rating in a research note on Monday, April 22nd. StockNews.com raised shares of Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. Finally, National Bank Financial restated an “outperform overweight” rating on shares of Kinross Gold in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $6.44.

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.