Louisbourg Investments Inc. Reduces Stock Position in Kinross Gold Corporation $KGC

Louisbourg Investments Inc. trimmed its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 17.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 173,500 shares of the mining company’s stock after selling 37,700 shares during the period. Louisbourg Investments Inc.’s holdings in Kinross Gold were worth $4,305,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in KGC. Voya Investment Management LLC raised its holdings in Kinross Gold by 22.6% in the third quarter. Voya Investment Management LLC now owns 32,154 shares of the mining company’s stock valued at $798,000 after acquiring an additional 5,920 shares in the last quarter. Armstrong Advisory Group Inc. increased its position in shares of Kinross Gold by 95.6% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock worth $36,000 after purchasing an additional 717 shares during the last quarter. Veracity Capital LLC acquired a new stake in shares of Kinross Gold in the 3rd quarter valued at about $226,000. Corient Private Wealth LLC raised its stake in shares of Kinross Gold by 8.5% in the 2nd quarter. Corient Private Wealth LLC now owns 52,651 shares of the mining company’s stock valued at $823,000 after purchasing an additional 4,128 shares in the last quarter. Finally, V. M. Manning & CO. Inc. bought a new position in shares of Kinross Gold during the second quarter worth about $278,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Stock Up 2.2%

Shares of Kinross Gold stock opened at $28.60 on Friday. The stock has a market capitalization of $34.53 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 0.41 and a beta of 0.74. Kinross Gold Corporation has a twelve month low of $9.04 and a twelve month high of $29.23. The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $25.76 and its 200-day simple moving average is $21.28.

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

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th were given a dividend of $0.035 per share. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, November 26th. Kinross Gold’s payout ratio is currently 9.79%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on KGC shares. Desjardins assumed coverage on Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating for the company. Raymond James Financial lifted their target price on Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday, October 10th. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Finally, Cormark lowered shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Kinross Gold has a consensus rating of “Buy” and an average target price of $29.81.

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.