Allianz Asset Management GmbH Lowers Holdings in Kinross Gold Corporation $KGC

Allianz Asset Management GmbH reduced its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 7,605,756 shares of the mining company’s stock after selling 443,004 shares during the period. Allianz Asset Management GmbH’s holdings in Kinross Gold were worth $188,752,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. GPS Wealth Strategies Group LLC purchased a new stake in shares of Kinross Gold in the third quarter worth about $29,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Kinross Gold during the third quarter valued at approximately $31,000. Armstrong Advisory Group Inc. lifted its holdings in Kinross Gold by 95.6% in the third quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock valued at $36,000 after acquiring an additional 717 shares during the period. Hollencrest Capital Management purchased a new stake in Kinross Gold in the 3rd quarter worth approximately $40,000. Finally, Mather Group LLC. purchased a new stake in Kinross Gold in the 3rd quarter worth approximately $44,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KGC has been the subject of several recent research reports. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. Desjardins initiated coverage on shares of Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating on the stock. Scotiabank upped their price objective on shares of Kinross Gold from $32.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Raymond James Financial increased their target price on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research note on Friday, October 10th. Finally, Zacks Research lowered Kinross Gold from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.88.

Kinross Gold Stock Performance

KGC opened at $31.57 on Tuesday. The firm’s fifty day simple moving average is $30.48 and its two-hundred day simple moving average is $25.02. Kinross Gold Corporation has a 52-week low of $10.32 and a 52-week high of $39.11. The company has a market cap of $37.87 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 0.36 and a beta of 0.74. The company has a quick ratio of 1.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The company’s quarterly revenue was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 earnings per share. Equities analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.