Canoe Financial LP Decreases Stake in Kinross Gold Corporation $KGC

Canoe Financial LP reduced its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 18.5% during the fourth quarter, HoldingsChannel reports. The fund owned 161,759 shares of the mining company’s stock after selling 36,612 shares during the quarter. Canoe Financial LP’s holdings in Kinross Gold were worth $4,556,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in KGC. Norges Bank purchased a new position in shares of Kinross Gold in the second quarter worth about $389,025,000. Van ECK Associates Corp lifted its stake in shares of Kinross Gold by 7.8% during the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after buying an additional 7,825,336 shares in the last quarter. Man Group plc lifted its stake 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 valued at $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Bank of America Corp DE boosted its holdings in Kinross Gold by 81.2% in the 2nd 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, Quadrature Capital Ltd bought a new position in Kinross Gold in the 3rd quarter worth approximately $80,299,000. 63.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on KGC shares. Royal Bank Of Canada raised shares of Kinross Gold from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $36.00 to $45.00 in a report on Thursday, March 12th. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research report on Wednesday, January 28th. TD Securities decreased their price objective on Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. UBS Group dropped their price objective on Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a report on Friday. Finally, Scotiabank raised their target price on Kinross Gold from $32.00 to $45.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average target price of $38.81.

Kinross Gold Stock Performance

Kinross Gold stock opened at $28.68 on Friday. Kinross Gold Corporation has a 1-year low of $11.12 and a 1-year 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 firm has a market capitalization of $34.35 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.41 and a beta of 0.73. The firm’s 50 day simple moving average is $33.20 and its 200 day simple moving average is $28.72.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.55 by $0.12. The firm had revenue of $2.01 billion during 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 quarterly revenue was up 42.9% compared to the same quarter last year. During the same period last year, the firm earned $0.20 EPS. As a group, analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Wednesday, March 11th were paid a dividend of $0.04 per share. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, March 11th. Kinross Gold’s dividend payout ratio is 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.