Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Kinross Gold Corporation $KGC

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 16.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,083,320 shares of the mining company’s stock after purchasing an additional 2,018,572 shares during the quarter. Kinross Gold makes up approximately 1.1% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 17th largest position. Connor Clark & Lunn Investment Management Ltd. owned about 1.16% of Kinross Gold worth $349,472,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Kinross Gold during the second quarter worth $389,025,000. Van ECK Associates Corp lifted its holdings in Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after acquiring an additional 7,825,336 shares during the last quarter. Man Group plc grew its holdings in shares of Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after purchasing an additional 5,411,491 shares during the period. Bank of America Corp DE boosted its stake in Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after buying an additional 3,617,320 shares during the period. Finally, AustralianSuper Pty Ltd raised its position in Kinross Gold by 50.6% in the third quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock valued at $228,227,000 after purchasing an additional 3,089,959 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KGC has been the subject of a number of recent research reports. UBS Group set a $43.00 price target on shares of Kinross Gold in a research note on Friday, January 30th. Jefferies Financial Group reiterated a “buy” rating and set a $33.00 target price on shares of Kinross Gold in a research note on Sunday, December 7th. Wall Street Zen cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. Finally, Desjardins initiated coverage on Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.31.

Kinross Gold Trading Down 0.6%

Shares of KGC stock opened at $32.58 on Thursday. Kinross Gold Corporation has a twelve month low of $10.91 and a twelve month high of $39.11. The company has a current ratio of 2.35, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average is $33.71 and its two-hundred day moving average is $28.06. The company has a market capitalization of $39.09 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.60 and a beta of 0.73.

Kinross Gold (NYSE:KGC) (TSE:K) last announced 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. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the firm posted $0.20 EPS. The business’s revenue was up 42.9% compared to the same quarter last year. Equities analysts forecast 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 given a $0.04 dividend. 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%. The ex-dividend date of this dividend is Wednesday, March 11th. Kinross Gold’s dividend payout ratio (DPR) is presently 7.14%.

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.