Royal Bank of Canada Cuts Stock Position in Kinross Gold Corporation $KGC

Royal Bank of Canada lessened its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 30,360,663 shares of the mining company’s stock after selling 1,840,139 shares during the quarter. Royal Bank of Canada’s holdings in Kinross Gold were worth $854,956,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in Kinross Gold by 3.2% during the fourth quarter. Parallel Advisors LLC now owns 9,310 shares of the mining company’s stock worth $262,000 after buying an additional 292 shares during the last quarter. Turning Point Benefit Group Inc. raised its holdings in shares of Kinross Gold by 6.6% in the 4th quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company’s stock valued at $178,000 after buying an additional 393 shares during the period. Armstrong Advisory Group Inc. raised its holdings in shares of Kinross Gold by 32.9% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company’s stock valued at $55,000 after buying an additional 483 shares during the period. Laird Norton Wetherby Wealth Management LLC raised its holdings in shares of Kinross Gold by 2.1% in the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock valued at $629,000 after buying an additional 521 shares during the period. Finally, Harvest Fund Management Co. Ltd raised its holdings in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after buying an additional 589 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on KGC shares. UBS Group cut their price target on Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, March 27th. TD Securities decreased their target price on Kinross Gold from $43.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. Finally, Weiss Ratings cut Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.81.

Kinross Gold Stock Up 2.5%

Shares of NYSE:KGC opened at $28.02 on Wednesday. The stock’s 50-day moving average price is $30.07 and its two-hundred day moving average price is $30.96. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 12-month low of $14.71 and a 12-month high of $39.11. The firm has a market cap of $33.41 billion, a price-to-earnings ratio of 11.87, a PEG ratio of 0.97 and a beta of 0.71.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly 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 firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company posted $0.30 earnings per share. Kinross Gold’s revenue was up 60.8% compared to the same quarter last year. On average, research analysts forecast that Kinross Gold Corporation will post 2.91 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently announced 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. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, May 21st. Kinross Gold’s payout ratio is presently 6.78%.

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.