Kinross Gold Shares Dip 5.7% Due to Disappointing Earnings

Shares of Kinross Gold Co. (NYSE:KGC) saw a significant decline of 5.7% during trading on Thursday following the announcement of their quarterly earnings, which fell short of expectations. The stock reached a low of $11.47 before closing at $11.46. In total, 4,762,137 shares were traded midday, representing a dramatic 77% decrease from the average trading volume of 21,134,719 shares. The previous closing price was $12.15.

Quarterly Earnings Report

The mining company reported earnings of $0.20 per share for the quarter, missing analyst forecasts of $0.23 by $0.03. Kinross Gold's net profit margin stood at 15.23%, and the company has a return on equity of 11.49%.

Analyst Ratings Update

Despite the earnings miss, analysts have varied views on Kinross Gold’s stock. Recently, StockNews.com upgraded the stock from a "buy" to a "strong-buy" rating. Currently, one analyst recommends a hold, two suggest a buy, and one rates the stock as a strong buy. Consensus ratings on MarketBeat.com indicate a "Buy" rating for Kinross Gold, with a target price of $11.13.

Hedge Fund Activity

Hedge funds are actively participating in the stock, with several firms making significant adjustments to their positions. Van ECK Associates Corp increased its holdings in Kinross Gold by 62.2% in the fourth quarter, owning now 116,323,261 shares valued at approximately $1,078,330,000 after purchasing additional shares. Vanguard Group Inc. raised its stake by 1.6%, acquiring an additional 763,248 shares, which brings its total ownership to approximately 47,365,206 shares worth $439,881,000. Similarly, Norges Bank and Connor Clark & Lunn Investment Management increased their interests, with 63.69% of the stock currently owned by institutional investors.

Current Market Performance

Kinross Gold has a current market capitalization of $14.10 billion, with a price-to-earnings ratio of 18.88 and a PEG ratio of 0.67. The company's beta is recorded at 1.24. In terms of liquidity metrics, the quick ratio is 0.63, while the current ratio stands at 1.61, and the debt-to-equity ratio is 0.18. The 50-day moving average for the stock is $10.33, while the 200-day average is $9.80.

About Kinross Gold

Kinross Gold Corporation operates in the acquisition, exploration, and development of gold mining properties, focusing primarily in countries such as the United States, Brazil, Chile, Canada, and Mauritania. The company owns and operates multiple mines including the Fort Knox mine in Alaska, the Round Mountain and Bald Mountain mines in Nevada, as well as properties in Brazil and Chile. Kinross continues to play a vital role in the gold mining sector, adapting to market conditions while striving for growth.

Kinross, Gold, Earnings