10,341,184 Shares in Kinross Gold Corporation $KGC Purchased by Legal & General Group Plc

Legal & General Group Plc purchased a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 10,341,184 shares of the mining company’s stock, valued at approximately $244,762,000.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Kinross Gold by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company’s stock worth $1,433,345,000 after purchasing an additional 148,845 shares in the last quarter. Boston Partners lifted its holdings in shares of Kinross Gold by 1.6% in the third quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock valued at $1,133,463,000 after purchasing an additional 707,498 shares in the last quarter. FIL Ltd boosted its position in shares of Kinross Gold by 4.8% during the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company’s stock valued at $820,969,000 after buying an additional 1,326,833 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Kinross Gold by 2.3% during the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company’s stock worth $779,677,000 after buying an additional 571,100 shares in the last quarter. Finally, Norges Bank bought a new stake in Kinross Gold during the fourth quarter worth $518,656,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analysts Set New Price Targets

KGC has been the subject of several recent analyst reports. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. Royal Bank Of Canada dropped their price target on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. UBS Group cut their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Zacks Research downgraded Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Weiss Ratings lowered Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.43.

Kinross Gold Trading Down 3.6%

Shares of Kinross Gold stock opened at $32.29 on Thursday. Kinross Gold Corporation has a 52-week low of $19.87 and a 52-week high of $39.11. The stock’s 50-day simple moving average is $25.57 and its 200 day simple moving average is $29.11. The stock has a market capitalization of $38.30 billion, a P/E ratio of 12.23, a P/E/G ratio of 0.90 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.44 earnings per share. As a group, research analysts anticipate that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold’s payout ratio is presently 6.06%.

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.