Norges Bank Takes $518.66 Million Position in Kinross Gold Corporation $KGC

Norges Bank acquired a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 18,414,288 shares of the mining company’s stock, valued at approximately $518,656,000. Norges Bank owned 1.53% of Kinross Gold at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Eurizon Capital SGR S.p.A. bought a new stake in shares of Kinross Gold in the fourth quarter valued at approximately $2,449,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Kinross Gold by 66.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 139,337 shares of the mining company’s stock valued at $3,924,000 after buying an additional 55,773 shares during the period. Thoroughbred Financial Services LLC lifted its stake in shares of Kinross Gold by 7.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 19,126 shares of the mining company’s stock valued at $538,000 after buying an additional 1,260 shares during the period. IPG Investment Advisors LLC lifted its stake in shares of Kinross Gold by 5.1% in the fourth quarter. IPG Investment Advisors LLC now owns 18,532 shares of the mining company’s stock valued at $522,000 after buying an additional 907 shares during the period. Finally, Arista Wealth Management LLC bought a new stake in shares of Kinross Gold in the fourth quarter valued at about $282,000. 63.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on KGC. TD Securities reduced their target price on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, March 3rd. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. Canadian Imperial Bank of Commerce set a $54.00 target price on Kinross Gold in a research report on Wednesday, February 4th. UBS Group reduced their target price on Kinross Gold from $43.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, March 27th. Finally, Wall Street Zen cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $38.81.

Kinross Gold Stock Up 0.2%

Shares of KGC opened at $30.23 on Monday. The stock has a market cap of $36.05 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 1.08 and a beta of 0.71. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 12 month low of $14.49 and a 12 month high of $39.11. The company has a 50-day moving average price of $30.63 and a two-hundred day moving average price of $30.85.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 earnings per share. Equities analysts predict that Kinross Gold Corporation will post 2.92 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, May 21st. 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 6.78%.

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.