Kinross Gold Corporation $KGC Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 2.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 25,546,413 shares of the mining company’s stock after acquiring an additional 571,100 shares during the period. Kinross Gold accounts for approximately 1.2% of Renaissance Technologies LLC’s investment portfolio, making the stock its 4th biggest position. Renaissance Technologies LLC’s holdings in Kinross Gold were worth $779,677,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of KGC. V Square Quantitative Management LLC bought a new stake in Kinross Gold during the 4th quarter worth $26,000. Financial Management Professionals Inc. bought a new position in Kinross Gold in the fourth quarter valued at about $26,000. Ascentis Independent Advisors acquired a new stake in shares of Kinross Gold during the first quarter valued at about $29,000. Virtus Advisers LLC acquired a new stake in shares of Kinross Gold during the third quarter valued at about $28,000. Finally, Elevated Capital Advisors LLC bought a new stake in shares of Kinross Gold during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Price Performance

Kinross Gold stock opened at $23.86 on Friday. The stock’s 50 day moving average is $25.74 and its 200 day moving average is $30.17. 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 firm has a market cap of $28.30 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 0.78. Kinross Gold Corporation has a one year low of $15.37 and a one year high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm posted $0.30 EPS. The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, research analysts expect that Kinross Gold Corporation will post 2.65 EPS for the current year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a dividend of $0.04 per share. The ex-dividend date was Thursday, May 21st. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. Kinross Gold’s dividend payout ratio is 6.78%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Royal Bank Of Canada lowered their price objective on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Zacks Research downgraded shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Jefferies Financial Group reduced their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Scotiabank decreased their price target on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Finally, UBS Group dropped their price target on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.31.

About Kinross Gold

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.