Kinross Gold Corporation $KGC Shares Sold by Swiss National Bank

Swiss National Bank cut its holdings in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,529,518 shares of the mining company’s stock after selling 209,700 shares during the period. Swiss National Bank’s holdings in Kinross Gold were worth $87,635,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Caitlin John LLC purchased a new stake in shares of Kinross Gold during the third quarter worth $26,000. GPS Wealth Strategies Group LLC acquired a new position in Kinross Gold during the 3rd quarter worth $29,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Kinross Gold during the 3rd quarter worth about $31,000. Armstrong Advisory Group Inc. boosted its stake in shares of Kinross Gold by 95.6% in the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock valued at $36,000 after buying an additional 717 shares during the period. Finally, Hollencrest Capital Management acquired a new position in shares of Kinross Gold during the third quarter worth about $40,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Trading Up 0.9%

KGC opened at $32.83 on Wednesday. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 52 week low of $10.71 and a 52 week high of $39.11. The business’s 50 day moving average is $33.63 and its two-hundred day moving average is $28.02. The firm has a market cap of $39.39 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 1.59 and a beta of 0.73.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The company’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. On average, research analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Wednesday, March 11th will be paid a $0.04 dividend. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Wednesday, March 11th. Kinross Gold’s dividend payout ratio (DPR) is presently 8.16%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on KGC shares. UBS Group set a $43.00 target price on shares of Kinross Gold in a report on Friday, January 30th. TD Securities dropped their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Monday, March 2nd. Scotiabank lifted their price objective on shares of Kinross Gold from $32.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, Canadian Imperial Bank of Commerce set a $54.00 price objective on Kinross Gold in a report on Wednesday, February 4th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.31.

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.