LGT Fund Management Co Ltd. Sells 92,000 Shares of Kinross Gold Corporation $KGC

LGT Fund Management Co Ltd. lessened its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 45.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 110,000 shares of the mining company’s stock after selling 92,000 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Kinross Gold were worth $3,364,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in KGC. Norges Bank purchased a new stake in shares of Kinross Gold during the fourth quarter valued at about $518,656,000. AQR Capital Management LLC grew its position in shares of Kinross Gold by 4,443.4% in the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after buying an additional 6,590,380 shares during the last quarter. Man Group plc grew its position in shares of Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after buying an additional 5,411,491 shares during the last quarter. Bank of America Corp DE raised 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 in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Kinross Gold during the 3rd quarter worth approximately $74,996,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Trading Down 0.0%

NYSE KGC opened at $24.13 on Monday. The company has a fifty day simple moving average of $27.17 and a two-hundred day simple moving average of $30.56. The stock has a market cap of $28.62 billion, a P/E ratio of 10.22, a P/E/G ratio of 0.64 and a beta of 0.78. Kinross Gold Corporation has a 12-month low of $15.10 and a 12-month high of $39.11. 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 (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. On average, analysts forecast that Kinross Gold Corporation will post 2.7 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. Kinross Gold’s payout ratio is currently 6.78%.

Analyst Ratings Changes

Several equities research analysts have weighed in on KGC shares. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. UBS Group decreased their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Jefferies Financial Group lowered their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Royal Bank Of Canada dropped their target price on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Wall Street Zen lowered Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.81.

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.