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

Kinross Gold Co. (NYSE:KGC) (TSE:K) announced 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 1.60%. The ex-dividend date is Thursday, May 30th.

Kinross Gold has raised its dividend by an average of 27.7% annually over the last three years and has raised its dividend every year for the last 1 years. Kinross Gold has a payout ratio of 24.5% indicating that its dividend is sufficiently covered by earnings. Equities 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 Price Performance

KGC stock traded up $0.38 on Thursday, reaching $7.48. The company had a trading volume of 12,480,302 shares, compared to its average volume of 14,646,745. The company’s fifty day moving average is $6.11 and its 200 day moving average is $5.74. The company has a market cap of $9.18 billion, a P/E 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 quick ratio of 0.95 and a current ratio of 2.63. Kinross Gold has a 1 year low of $4.32 and a 1 year high of $7.48.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Tuesday, May 7th. The mining company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.04. Kinross Gold had a return on equity of 8.85% and a net margin of 9.82%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, research analysts forecast that Kinross Gold will post 0.4 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.