Plato Investment Management Ltd Acquires Shares of 54,708 Kinross Gold Corporation $KGC

Plato Investment Management Ltd acquired a new stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 54,708 shares of the mining company’s stock, valued at approximately $1,287,000.

Several other hedge funds have also recently modified their holdings of KGC. Financial Management Professionals Inc. bought a new position in shares of Kinross Gold during the fourth quarter worth $26,000. Virtus Advisers LLC bought a new stake in Kinross Gold in the 3rd quarter valued at $28,000. Ascentis Independent Advisors purchased a new stake in Kinross Gold in the 1st quarter worth $29,000. Harvest Fund Management Co. Ltd lifted its stake in Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after purchasing an additional 589 shares in the last quarter. Finally, Elevated Capital Advisors LLC purchased a new stake in Kinross Gold in the 4th quarter worth $36,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings lowered Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. UBS Group decreased their target price on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. Finally, Zacks Research downgraded Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold Stock Performance

Shares of NYSE:KGC opened at $27.79 on Tuesday. The firm has a fifty day simple moving average of $24.81 and a two-hundred day simple moving average of $29.22. Kinross Gold Corporation has a 52 week low of $18.65 and a 52 week high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $32.97 billion, a P/E ratio of 10.53, a PEG ratio of 0.73 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The firm had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the company earned $0.44 EPS. The business’s revenue was up 29.5% compared to the same quarter last year. On average, analysts expect that Kinross Gold Corporation will post 2.63 earnings per share 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. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold’s payout ratio is presently 6.06%.

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.