Quantitative Investment Management LLC Raises Stock Holdings in Kinross Gold Corporation $KGC

Quantitative Investment Management LLC boosted its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 93.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,807 shares of the mining company’s stock after buying an additional 45,242 shares during the quarter. Quantitative Investment Management LLC’s holdings in Kinross Gold were worth $2,215,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

KGC has been the topic of several research reports. ATB Cormark Capital Markets raised shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada reduced their target price on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group dropped their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Scotiabank reduced their price objective on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Finally, Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.43.

Kinross Gold Price Performance

Kinross Gold stock opened at $30.68 on Tuesday. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $25.87 and a 200-day simple moving average of $29.07. The stock has a market cap of $36.39 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 0.84 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.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm posted $0.44 EPS. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. Equities analysts expect that Kinross Gold Corporation will post 2.61 EPS for the current fiscal year.

Kinross Gold Announces Dividend

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

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.