Renaissance Technologies LLC Boosts Stake in Kinross Gold Corporation $KGC

Renaissance Technologies LLC raised its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 2.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,546,413 shares of the mining company’s stock after acquiring an additional 571,100 shares during the period. Kinross Gold makes up about 1.2% of Renaissance Technologies LLC’s portfolio, making the stock its 4th biggest holding. Renaissance Technologies LLC owned approximately 2.14% of Kinross Gold worth $779,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new position in shares of Kinross Gold in the fourth quarter worth $518,656,000. AQR Capital Management LLC lifted its position in Kinross Gold by 4,443.4% during the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after purchasing an additional 6,590,380 shares during the period. Man Group plc lifted its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after purchasing an additional 5,411,491 shares during the period. Bank of America Corp DE lifted its position in Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after purchasing an additional 3,617,320 shares during the period. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Kinross Gold during the third quarter worth about $74,996,000. 63.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. UBS Group decreased their target price on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Scotiabank cut their price target on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Zacks Research lowered shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. Finally, Freedom Capital raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $37.31.

Kinross Gold Price Performance

Shares of KGC stock opened at $23.86 on Friday. The business has a fifty day simple moving average of $25.74 and a 200 day simple moving average of $30.17. The company has a market cap of $28.30 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 0.78. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a twelve month low of $15.37 and a twelve month high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The business’s revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.30 earnings per share. On average, sell-side analysts forecast that Kinross Gold Corporation will post 2.65 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold’s dividend payout ratio (DPR) is presently 6.78%.

Kinross Gold Company 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.