Korea Investment CORP Sells 796,870 Shares of Kinross Gold Corporation $KGC

Korea Investment CORP lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 53.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 697,490 shares of the mining company’s stock after selling 796,870 shares during the period. Korea Investment CORP’s holdings in Kinross Gold were worth $10,878,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in KGC. Goldman Sachs Group Inc. boosted its holdings in shares of Kinross Gold by 95.7% during the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after acquiring an additional 3,398,687 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in Kinross Gold by 21.9% during the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock worth $4,076,000 after purchasing an additional 57,966 shares during the last quarter. Sprott Inc. boosted its stake in Kinross Gold by 1.7% in the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company’s stock valued at $36,976,000 after purchasing an additional 48,905 shares during the period. Bayforest Capital Ltd increased its position in Kinross Gold by 30.2% during the 2nd quarter. Bayforest Capital Ltd now owns 55,218 shares of the mining company’s stock worth $863,000 after buying an additional 12,821 shares during the period. Finally, Truist Financial Corp increased its position in Kinross Gold by 9.0% during the 2nd quarter. Truist Financial Corp now owns 302,645 shares of the mining company’s stock worth $4,730,000 after buying an additional 25,093 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Trading Up 2.7%

Shares of KGC stock opened at $28.18 on Monday. Kinross Gold Corporation has a fifty-two week low of $8.99 and a fifty-two week high of $28.33. The stock’s fifty day moving average price is $24.82 and its two-hundred day moving average price is $19.98. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The company has a market cap of $34.02 billion, a PE ratio of 22.73, a P/E/G ratio of 0.42 and a beta of 0.60.

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 for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.Kinross Gold’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 EPS. Equities analysts predict that Kinross Gold Corporation will post 0.81 EPS 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. Investors of record on Wednesday, November 26th will be given a dividend of $0.035 per share. The ex-dividend date is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is currently 9.79%.

Analysts Set New Price Targets

Several research firms recently commented on KGC. CIBC upped their price target on shares of Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Zacks Research upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. TD Securities lifted their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Raymond James Financial boosted their price target on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. Finally, Canaccord Genuity Group raised their price objective on Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $27.69.

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.