Plato Investment Management Ltd Purchases Shares of 54,708 Kinross Gold Corporation $KGC

Plato Investment Management Ltd purchased a new stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 54,708 shares of the mining company’s stock, valued at approximately $1,287,000.

Several other institutional investors have also recently made changes to their positions in KGC. Norges Bank bought a new stake in Kinross Gold during the fourth quarter valued at approximately $518,656,000. AQR Capital Management LLC raised its position in Kinross Gold by 4,443.4% in the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after acquiring an additional 6,590,380 shares during the period. Man Group plc raised its position in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after acquiring an additional 5,411,491 shares during the period. Bank of America Corp DE boosted its stake in shares of Kinross Gold by 81.2% during 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 acquiring an additional 3,617,320 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Kinross Gold during the 3rd quarter worth $74,996,000. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Performance

Shares of NYSE KGC opened at $27.79 on Tuesday. The stock has a market cap of $32.97 billion, a PE ratio of 10.53, a price-to-earnings-growth ratio of 0.73 and a beta of 0.78. Kinross Gold Corporation has a 1 year low of $18.65 and a 1 year high of $39.11. The firm has a fifty day moving average price of $24.81 and a 200-day moving average price of $29.22. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95.

Kinross Gold (NYSE:KGC) (TSE:K) last released its 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. The company had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. Kinross Gold’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 EPS. Equities analysts anticipate that Kinross Gold Corporation will post 2.63 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm 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. This represents a $0.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Thursday, August 20th. Kinross Gold’s payout ratio is presently 6.06%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. UBS Group reduced their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Freedom Capital upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Scotiabank cut their price target on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group decreased their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.43.

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.