The Vanguard Group, Inc. recently announced the acquisition of new stake in Kinross Gold Corp. (NYSE:KGC). The institutional investor has increased its shareholding in the Basic Materials company by 0.64% to 31.99 million shares with purchase of 0.2 million shares. This fresh investment now brings its stake to 2.61% valued currently at $193.57 million. In addition, Renaissance Technologies LLC raised its holdings by 3.29 million to 28.16 million shares. And RBC Global Asset Management, Inc. has lifted its position by 5.52% or 1.29 million shares – to 24.57 million shares.
With over 12.22 million Kinross Gold Corp. (KGC) shares trading Friday and a closing price of $5.89 on the day, the dollar volume was approximately $71.98 million. The shares have shown a positive half year performance of 16.40% and its price on 01/12/24 gained nearly 4.62%. Currently, there are 1.22B common shares owned by the public and among those 1.22B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for KGC have a consensus price objective of $9.20. The analysts have set the share’s price value over the next 12 months at a high of $12.35 and a low of $7.02. The average price target is 13.64% above its recent price level and an upside to the estimated low will see the stock gain 16.1% over that period. But an upside of 52.31% will see the stock hit the forecast high price target while median target price for the stock is $9.16.
The top 3 mutual fund holders in Kinross Gold Corp. are VanEck Gold Miners ETF, VanEck Junior Gold Miners ETF, and BlackRock Global Funds – World Go. VanEck Gold Miners ETF owns 64.69 million shares of the company’s stock, all valued at over $391.38 million. The company sold -0.6 million shares recently to bring their total holdings to about 5.27% of the shares outstanding. VanEck Junior Gold Miners ETF sold 40894.0 shares to see its total holdings shrink to 47.24 million shares valued at over $285.83 million and representing 3.85% of the shares outstanding. BlackRock Global Funds – World Go sold -2.46 million shares to bring its total holdings to over 27.36 million shares at a value of $165.54 million. BlackRock Global Funds – World Go now owns shares totaling to 2.23% of the shares outstanding.
Shares of Kinross Gold Corp. (NYSE: KGC) opened at $5.80, up $0.17 from a prior closing price of $5.63. However, the script later moved the day high at 5.96, up 4.62%. The company’s stock has a 5-day price change of 3.15% and 20.94% over the past three months. KGC shares are trading -2.64% year to date (YTD), with the 12-month market performance up to 29.17% higher. It has a 12-month low price of $3.40 and touched a high of $6.34 over the same period. KGC has an average intraday trading volume of 13.61 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -0.87%, 3.36%, and 14.68% respectively.
Institutional ownership of Kinross Gold Corp. (NYSE: KGC) shares accounts for 56.04% of the company’s 1.22B shares outstanding. Mutual fund holders own 13.34%, while other institutional holders and individual stakeholders account for 43.60% and — respectively.
It has a market capitalization of $7.23B and a beta (3y monthly) value of 1.17. The stock’s trailing 12-month PE ratio is 29.94, while the earnings-per-share (ttm) stands at $0.20. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.39% over the week and 2.88% over the month.
Analysts forecast that Kinross Gold Corp. (KGC) will achieve an EPS of $0.1 for the current quarter, $0.08 for the next quarter and $0.36 for 2024. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.14. Comparatively, EPS for the current quarter was $0.09 a year ago. Earnings per share for the fiscal year are expected to increase by 83.03%, and -0.11% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Kinross Gold Corp. (KGC) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 6 of the 19 advise that investors “hold,” and 1 rated it as a “Sell.”
