Canada Pension Plan Investment Board Invests $217.19 Million in Kinross Gold Corporation $KGC

Canada Pension Plan Investment Board acquired a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 9,182,216 shares of the mining company’s stock, valued at approximately $217,190,000.

A number of other hedge funds and other institutional investors have also modified their holdings of KGC. Virtus Advisers LLC bought a new stake in Kinross Gold during the third quarter worth about $28,000. Ascentis Independent Advisors bought a new position in Kinross Gold in the first quarter valued at approximately $29,000. Harvest Fund Management Co. Ltd grew its stake in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of Kinross Gold during the 3rd quarter worth approximately $38,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Kinross Gold during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analyst Ratings Changes

KGC has been the subject of several recent analyst reports. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. Scotiabank dropped their price target on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. UBS Group cut 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. Weiss Ratings downgraded shares of Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Finally, Zacks Research lowered shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Kinross Gold currently has an average rating of “Moderate Buy” and an average price target of $38.43.

Kinross Gold Stock Performance

Shares of NYSE KGC opened at $33.43 on Wednesday. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $39.66 billion, a P/E ratio of 12.66, a P/E/G ratio of 0.89 and a beta of 0.78. Kinross Gold Corporation has a 12 month low of $19.77 and a 12 month high of $39.11. The stock has a 50 day moving average of $25.47 and a 200-day moving average of $29.10.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, equities research analysts predict that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a $0.04 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio is presently 6.06%.

Kinross Gold Company 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.