Te Ahumairangi Investment Management Ltd Decreases Stake in Kinross Gold Corporation $KGC

Te Ahumairangi Investment Management Ltd trimmed its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 16.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 198,700 shares of the mining company’s stock after selling 39,600 shares during the quarter. Te Ahumairangi Investment Management Ltd’s holdings in Kinross Gold were worth $3,099,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. IFP Advisors Inc lifted its stake in Kinross Gold by 19.1% during the second quarter. IFP Advisors Inc now owns 5,210 shares of the mining company’s stock worth $81,000 after purchasing an additional 835 shares during the last quarter. MAI Capital Management lifted its position in Kinross Gold by 22.0% in the second quarter. MAI Capital Management now owns 5,022 shares of the mining company’s stock valued at $78,000 after acquiring an additional 907 shares during the last quarter. Cresset Asset Management LLC lifted its position in Kinross Gold by 3.0% in the first quarter. Cresset Asset Management LLC now owns 34,714 shares of the mining company’s stock valued at $438,000 after acquiring an additional 1,013 shares during the last quarter. US Bancorp DE increased its position in shares of Kinross Gold by 2.0% during the second quarter. US Bancorp DE now owns 55,320 shares of the mining company’s stock worth $865,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Caliber Wealth Management LLC KS increased its position in shares of Kinross Gold by 6.7% during the second quarter. Caliber Wealth Management LLC KS now owns 19,950 shares of the mining company’s stock worth $312,000 after purchasing an additional 1,250 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on KGC shares. UBS Group raised their target price on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Zacks Research upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. CIBC boosted their price target on shares of Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Finally, Cormark cut shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $27.69.

Kinross Gold Trading Up 5.1%

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

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. The company’s quarterly revenue was up 25.8% compared to the same quarter last year. Research analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be given a dividend of $0.035 per share. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s dividend payout ratio is currently 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.