Provenance Wealth Advisors LLC Purchases New Stake in Kinross Gold Corporation $KGC

Provenance Wealth Advisors LLC purchased a new position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the third quarter, Holdings Channel reports. The fund purchased 59,011 shares of the mining company’s stock, valued at approximately $1,421,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of KGC. Associated Banc Corp purchased a new stake in shares of Kinross Gold during the third quarter valued at approximately $267,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Kinross Gold by 1.6% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 111,083 shares of the mining company’s stock worth $2,675,000 after purchasing an additional 1,700 shares during the last quarter. Vise Technologies Inc. grew its holdings in shares of Kinross Gold by 38.8% in the third quarter. Vise Technologies Inc. now owns 53,189 shares of the mining company’s stock worth $1,281,000 after purchasing an additional 14,875 shares during the last quarter. State of Wyoming increased its stake in shares of Kinross Gold by 11.0% in the third quarter. State of Wyoming now owns 22,899 shares of the mining company’s stock worth $551,000 after buying an additional 2,277 shares during the period. Finally, Choreo LLC increased its stake in shares of Kinross Gold by 20.7% in the third quarter. Choreo LLC now owns 12,523 shares of the mining company’s stock worth $302,000 after buying an additional 2,145 shares during the period. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Down 3.4%

NYSE KGC opened at $19.86 on Wednesday. Kinross Gold Corporation has a fifty-two week low of $19.70 and a fifty-two week high of $39.11. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.89 and a current ratio of 2.87. The stock has a 50 day simple moving average of $25.93 and a two-hundred day simple moving average of $28.71. The stock has a market cap of $23.40 billion, a P/E ratio of 7.94, a price-to-earnings-growth ratio of 0.69 and a beta of 0.83.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, October 28th. The mining company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.46 by $0.04. Kinross Gold had a return on equity of 32.84% and a net margin of 37.62%. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.94 billion. On average, analysts forecast that Kinross Gold Corporation will post 2.40 earnings per share for the current year.

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Thursday, November 19th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $0.16 dividend on an annualized basis and a yield of 0.8%. Kinross Gold’s dividend payout ratio (DPR) is presently 6.04%.

Wall Street Analyst Weigh In

A number of research firms recently commented on KGC. Citigroup reiterated a “buy” rating on shares of Kinross Gold in a report on Monday, September 28th. RBC Dominion Securities set a $39.00 price target on shares of Kinross Gold and gave the stock an “outperform” rating in a report on Thursday, October 22nd. Bank of America decreased their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. TD decreased their price objective on shares of Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Finally, Wall Street Zen downgraded shares of Kinross Gold from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.98.

Kinross Gold Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.