Kinross Gold Corporation $KGC Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp decreased its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 47.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,855,608 shares of the mining company’s stock after selling 50,376,577 shares during the quarter. Kinross Gold comprises about 0.8% of Van ECK Associates Corp’s portfolio, making the stock its 21st biggest position. Van ECK Associates Corp owned approximately 4.62% of Kinross Gold worth $1,295,587,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Kinross Gold during the fourth quarter valued at about $518,656,000. Man Group plc purchased a new stake in Kinross Gold during the 2nd quarter worth approximately $298,152,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kinross Gold during the 2nd quarter worth approximately $264,652,000. Legal & General Group Plc purchased a new stake in Kinross Gold during the 2nd quarter worth approximately $244,762,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Kinross Gold during the 2nd quarter valued at approximately $222,974,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Down 3.7%

KGC stock opened at $31.30 on Friday. The company has a market capitalization of $37.13 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 0.88 and a beta of 0.78. Kinross Gold Corporation has a 12 month low of $20.19 and a 12 month high of $39.11. The firm’s fifty day simple moving average is $25.78 and its 200-day simple moving average is $29.13. 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 issued its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. The firm had revenue of $2.22 billion during 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%. The firm’s revenue was up 29.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 earnings per share. As a group, equities research analysts forecast that Kinross Gold Corporation will post 2.61 earnings per share for the current year.

Kinross Gold Announces Dividend

The business 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 dividend of $0.04 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on KGC shares. Zacks Research downgraded shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. UBS Group dropped their price target on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Wall Street Zen lowered Kinross Gold from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Finally, Weiss Ratings cut Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.43.

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.