Connor Clark & Lunn Investment Management Ltd. Grows Stake in Kinross Gold Corporation $KGC

Connor Clark & Lunn Investment Management Ltd. boosted its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 16.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 14,083,320 shares of the mining company’s stock after acquiring an additional 2,018,572 shares during the quarter. Kinross Gold makes up 1.1% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 17th biggest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Kinross Gold were worth $349,472,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in KGC. Norges Bank bought a new stake in Kinross Gold in the second quarter valued at about $389,025,000. Van ECK Associates Corp lifted its stake in Kinross Gold by 7.8% in the third 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 during the last quarter. Man Group plc boosted its stake in 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 purchasing an additional 5,411,491 shares during the period. Bank of America Corp DE boosted its position in shares of Kinross Gold by 81.2% during the second 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, AustralianSuper Pty Ltd boosted its position in Kinross Gold by 50.6% during the 3rd quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock worth $228,227,000 after acquiring an additional 3,089,959 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Price Performance

Shares of Kinross Gold stock opened at $32.58 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 2.35. The firm’s 50-day simple moving average is $33.71 and its 200-day simple moving average is $28.06. The firm has a market cap of $39.09 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.60 and a beta of 0.73. Kinross Gold Corporation has a twelve month low of $10.91 and a twelve month high of $39.11.

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

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.04 per share. The ex-dividend date is Wednesday, March 11th. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is currently 7.14%.

Analysts Set New Price Targets

A number of brokerages have issued reports on KGC. Canadian Imperial Bank of Commerce set a $54.00 price target on Kinross Gold in a research note on Wednesday, February 4th. Weiss Ratings reaffirmed a “buy (a)” rating on shares of Kinross Gold in a research note on Wednesday, January 28th. Scotiabank lifted their target price on Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Zacks Research downgraded shares of Kinross Gold from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Finally, Desjardins started coverage on Kinross Gold in a report on Friday, November 28th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Kinross Gold has a consensus 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.