Fig Financial Advisory Services Inc. ADV Makes New Investment in Kinross Gold Corporation $KGC

Fig Financial Advisory Services Inc. ADV purchased a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 18,772 shares of the mining company’s stock, valued at approximately $443,000.

A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in Kinross Gold by 35.1% in the first quarter. AQR Capital Management LLC now owns 70,370 shares of the mining company’s stock valued at $887,000 after acquiring an additional 18,287 shares during the period. Caxton Associates LLP acquired a new position in Kinross Gold in the first quarter worth about $158,000. Sivia Capital Partners LLC bought a new position in Kinross Gold during the second quarter worth about $167,000. M&T Bank Corp lifted its stake in Kinross Gold by 9.0% during the second quarter. M&T Bank Corp now owns 16,153 shares of the mining company’s stock worth $252,000 after purchasing an additional 1,328 shares during the period. Finally, AXA S.A. acquired a new stake in Kinross Gold during the second quarter valued at approximately $2,483,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Wall Street Analysts Forecast Growth

KGC has been the subject of several analyst reports. UBS Group cut their target price on Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Freedom Capital upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Weiss Ratings lowered Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Scotiabank cut their price objective 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. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Moderate Buy” and an average target price of $38.43.

Kinross Gold Stock Performance

NYSE:KGC opened at $27.12 on Wednesday. The stock has a market capitalization of $32.17 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 0.73 and a beta of 0.78. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 1 year low of $18.65 and a 1 year high of $39.11. The firm has a 50 day moving average of $24.85 and a 200-day moving average of $29.14.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping 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 analyst estimates of $2.24 billion. During the same period in the prior year, the company earned $0.44 EPS. Kinross Gold’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Kinross Gold Corporation will post 2.63 EPS 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. Shareholders of record on Thursday, August 20th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Kinross Gold’s payout ratio is currently 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.