JPMorgan Chase & Co. Reduces Holdings in Kinross Gold Corporation $KGC

JPMorgan Chase & Co. lowered its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 9,980,980 shares of the mining company’s stock after selling 607,767 shares during the quarter. JPMorgan Chase & Co. owned about 0.82% of Kinross Gold worth $156,003,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Magnetar Financial LLC boosted its position in Kinross Gold by 14.1% during the second quarter. Magnetar Financial LLC now owns 23,868 shares of the mining company’s stock worth $373,000 after purchasing an additional 2,946 shares during the period. Swiss National Bank lifted its stake in shares of Kinross Gold by 6.9% during the 2nd quarter. Swiss National Bank now owns 3,739,218 shares of the mining company’s stock valued at $58,208,000 after buying an additional 241,600 shares in the last quarter. Catalyst Funds Management Pty Ltd bought a new position in Kinross Gold in the 2nd quarter worth approximately $2,310,000. Ensign Peak Advisors Inc bought a new position in Kinross Gold in the 2nd quarter worth approximately $1,285,000. Finally, Spark Investment Management LLC grew its stake in Kinross Gold by 46.3% in the 2nd quarter. Spark Investment Management LLC now owns 98,000 shares of the mining company’s stock valued at $1,531,000 after buying an additional 31,000 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on KGC shares. UBS Group raised their price target on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Cormark cut Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research report on Friday, October 31st. Finally, Scotiabank reissued an “outperform” rating on shares of Kinross Gold in a report on Thursday, October 23rd. Four investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Kinross Gold presently has a consensus rating of “Buy” and a consensus price target of $27.69.

Kinross Gold Stock Performance

Shares of KGC opened at $27.41 on Thursday. Kinross Gold Corporation has a 12-month low of $8.99 and a 12-month high of $27.84. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The company has a market cap of $33.09 billion, a PE ratio of 22.11, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The stock has a 50-day moving average price of $24.62 and a 200-day moving average price of $19.74.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the business earned $0.24 earnings per share. Kinross Gold’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, equities analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.5%. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is presently 9.79%.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.