Swiss National Bank Decreases Position in Kinross Gold Corporation $KGC

Swiss National Bank lowered its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,529,518 shares of the mining company’s stock after selling 209,700 shares during the quarter. Swiss National Bank owned approximately 0.29% of Kinross Gold worth $87,635,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Kinross Gold by 3.2% during the third quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company’s stock worth $1,259,280,000 after purchasing an additional 1,553,594 shares in the last quarter. Norges Bank acquired a new stake in Kinross Gold during the 2nd quarter worth $389,025,000. Man Group plc grew its holdings in shares of Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Kinross Gold by 21.4% in the second quarter. Geode Capital Management LLC now owns 10,639,787 shares of the mining company’s stock valued at $172,571,000 after buying an additional 1,876,764 shares during the last quarter. Finally, AustralianSuper Pty Ltd boosted its position in Kinross Gold by 50.6% during the third quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock worth $228,227,000 after acquiring an additional 3,089,959 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KGC. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research report on Wednesday, January 28th. Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 2nd. Scotiabank boosted their price target on shares of Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Zacks Research downgraded shares of Kinross Gold from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, TD Securities decreased their target price on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.31.

Kinross Gold Trading Up 0.9%

Shares of KGC stock opened at $32.83 on Wednesday. Kinross Gold Corporation has a 1-year low of $10.71 and a 1-year high of $39.11. The firm has a market cap of $39.39 billion, a PE ratio of 16.75, a price-to-earnings-growth ratio of 1.59 and a beta of 0.73. The company has a 50-day moving average of $33.63 and a two-hundred day moving average of $28.02. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. The business had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The business’s revenue was up 42.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. On average, analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold’s payout ratio is presently 8.16%.

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.