TORONTO - Kinross Gold (NYSE:KGC) Corporation (TSX: K; NYSE: KGC), a Canadian-based senior gold mining company, declared on Tuesday a third-quarter dividend of US$0.03 per common share. The dividend is scheduled for payment on December 12, 2024, to shareholders who are on record by the close of business on November 28, 2024.
The declared dividend will be available as an eligible dividend for Canadian income tax purposes. However, non-resident investors should note that dividends received will be subject to Canadian non-resident withholding taxes.
Kinross Gold operates in several regions, including the United States, Brazil, Mauritania, Chile, and Canada. The company emphasizes its commitment to responsible mining, operational excellence, and maintaining a strong balance sheet as part of its growth strategy.
The company's shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange under the symbols K and KGC, respectively.
The announcement of the dividend follows Kinross Gold's focus on delivering shareholder value and demonstrates the company's financial discipline. This information is based on a press release statement issued by Kinross Gold Corporation.
In other recent news, Kellanova has been a focal point in the investment world due to several significant developments. The company's acquisition by Mars, Inc. for $83.50 per share, a transaction valued at $35.9 billion, is a key highlight. This merger, expected to close in the first half of 2025, will unite two major entities in the global snacking industry. Kellanova's robust financial performance, with net sales exceeding $13 billion in 2023, underscores the company's strength.
In response to these developments, several analyst firms have adjusted their outlooks on Kellanova. Argus and DA Davidson downgraded Kellanova's shares from Buy to Hold and Neutral respectively, while RBC Capital downgraded the company from Outperform to Sector Perform. Conversely, BofA Securities upgraded Kellanova's stock from Neutral to Buy. Piper Sandler and Stifel raised their price targets to align with the acquisition price, and Goldman Sachs initiated coverage with a Neutral rating.
Moreover, Kellanova has declared a quarterly dividend of $0.57 per share, marking the 400th instance the company has paid dividends to its common stock shareholders since 1925. This consistency of dividend payments highlights the company's long-standing commitment to shareowner returns. These are just a few of the recent developments involving Kellanova.
InvestingPro Insights
Kinross Gold Corporation's recent dividend declaration aligns with its track record of consistent shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 2.83%, reflecting its commitment to rewarding investors. An InvestingPro Tip highlights that Kinross has maintained dividend payments for an impressive 54 consecutive years, underscoring the company's financial stability and dedication to shareholder value.
The mining giant's financial health appears robust, with a market capitalization of $27.83 billion and revenue of $12.8 billion over the last twelve months as of Q3 2024. Kinross's profitability is evident, with a gross profit margin of 35.92% and an operating income margin of 13.11% during the same period.
Another InvestingPro Tip indicates that Kinross operates with a moderate level of debt, which may provide financial flexibility for future growth initiatives while maintaining its dividend policy. This balanced approach to capital management could be appealing to investors seeking both growth and income.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips on Kinross Gold Corporation, providing a comprehensive view of the company's financial position and market performance.
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