Korea Investment CORP Increases Stake in Kinross Gold Corporation $KGC

Korea Investment CORP raised its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 372.4% in the third quarter, HoldingsChannel reports. The fund owned 3,294,945 shares of the mining company’s stock after purchasing an additional 2,597,455 shares during the period. Korea Investment CORP’s holdings in Kinross Gold were worth $81,793,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Kinross Gold by 3.2% in the 3rd quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company’s stock valued at $1,259,280,000 after purchasing an additional 1,553,594 shares during the period. Norges Bank acquired a new stake in Kinross Gold during the second quarter valued at $389,025,000. Man Group plc increased its holdings in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after buying an additional 5,411,491 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Kinross Gold by 21.4% in the second quarter. Geode Capital Management LLC now owns 10,639,787 shares of the mining company’s stock worth $172,571,000 after acquiring an additional 1,876,764 shares during the period. Finally, AustralianSuper Pty Ltd raised its position in shares of Kinross Gold by 50.6% in the third quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock worth $228,227,000 after acquiring an additional 3,089,959 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Down 0.6%

Shares of Kinross Gold stock opened at $32.54 on Friday. The company has a current ratio of 2.35, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a twelve month low of $10.42 and a twelve month high of $39.11. The firm has a market capitalization of $39.04 billion, a PE ratio of 16.60, a P/E/G ratio of 1.59 and a beta of 0.73. The firm’s 50-day moving average price is $33.45 and its 200 day moving average price is $27.78.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.55 by $0.12. Kinross Gold had a return on equity of 28.22% and a net margin of 33.90%.The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the previous year, the business earned $0.20 EPS. Kinross Gold’s quarterly revenue was up 42.9% on a year-over-year basis. On average, sell-side analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Wednesday, March 11th will be given a dividend of $0.04 per share. The ex-dividend date is Wednesday, March 11th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is presently 8.16%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on KGC shares. Canadian Imperial Bank of Commerce set a $54.00 price target on Kinross Gold in a research note on Wednesday, February 4th. UBS Group set a $43.00 price objective on Kinross Gold in a report on Friday, January 30th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research report on Wednesday, January 28th. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 target price on shares of Kinross Gold in a research note on Sunday, December 7th. Finally, Wall Street Zen lowered Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.31.

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.