Smith Group Asset Management LLC Lowers Holdings in Kinross Gold Corporation $KGC

Smith Group Asset Management LLC lowered its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 8.7% during the 1st quarter, Holdings Channel reports. The firm owned 313,570 shares of the mining company’s stock after selling 29,800 shares during the quarter. Smith Group Asset Management LLC’s holdings in Kinross Gold were worth $9,570,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Kinross Gold during the fourth quarter valued at $518,656,000. AQR Capital Management LLC grew its holdings in Kinross Gold by 4,443.4% during the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after acquiring an additional 6,590,380 shares in the last quarter. Man Group plc increased its position in Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the period. Bank of America Corp DE raised its holdings in shares of Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Kinross Gold in the 3rd quarter worth approximately $74,996,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Scotiabank cut their price objective on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Royal Bank Of Canada cut 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. Weiss Ratings cut Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. UBS Group cut their target price on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Jefferies Financial Group decreased their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $37.31.

Kinross Gold Stock Down 1.7%

Shares of KGC stock opened at $23.51 on Wednesday. Kinross Gold Corporation has a 1-year low of $15.37 and a 1-year high of $39.11. The stock’s fifty day moving average price is $25.57 and its 200 day moving average price is $30.08. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83. The company has a market cap of $27.89 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The company had revenue of $2.37 billion during 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 firm’s revenue was up 60.8% compared to the same quarter last year. During the same period last year, the business posted $0.30 earnings per share. On average, research analysts expect that Kinross Gold Corporation will post 2.65 earnings per share for the current fiscal year.

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.