Red Cedar Investment Management LLC Sells 49,329 Shares of Kinross Gold Corporation $KGC

Red Cedar Investment Management LLC trimmed its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 18.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 220,596 shares of the mining company’s stock after selling 49,329 shares during the period. Red Cedar Investment Management LLC’s holdings in Kinross Gold were worth $5,482,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of KGC. Norges Bank bought a new stake in Kinross Gold during the second quarter worth about $389,025,000. Man Group plc grew its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after acquiring an additional 5,411,491 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Kinross Gold by 81.2% in 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. AustralianSuper Pty Ltd raised its position in Kinross Gold by 127.2% in the 2nd quarter. AustralianSuper Pty Ltd now owns 6,107,913 shares of the mining company’s stock worth $95,509,000 after purchasing an additional 3,419,440 shares during the period. Finally, Invesco Ltd. lifted its stake in Kinross Gold by 47.5% in the second quarter. Invesco Ltd. now owns 8,947,418 shares of the mining company’s stock worth $139,848,000 after purchasing an additional 2,880,097 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on KGC. TD Securities increased their target price on Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a research report on Friday, October 31st. Wall Street Zen upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Sunday, January 18th. CIBC raised their target price on Kinross Gold from $37.00 to $38.50 and gave the stock an “outperform” rating in a research note on Friday, January 16th. Finally, Desjardins initiated coverage on Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating for the company. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.19.

Kinross Gold Stock Up 1.9%

NYSE:KGC opened at $37.86 on Tuesday. Kinross Gold Corporation has a 1-year low of $10.32 and a 1-year high of $39.11. The company has a market capitalization of $45.43 billion, a PE ratio of 26.48, a P/E/G ratio of 0.43 and a beta of 0.75. The firm’s 50-day moving average price is $29.48 and its 200-day moving average price is $24.33. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.83 and a quick ratio of 1.68.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The business’s revenue was up 25.8% compared to the same quarter last year. On average, equities analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th were paid a $0.035 dividend. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, November 26th. Kinross Gold’s payout ratio is currently 9.79%.

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.