Kinross Gold Corporation $KGC Stake Cut by Gabelli Funds LLC

Gabelli Funds LLC cut its holdings in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 32.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,985,200 shares of the mining company’s stock after selling 968,500 shares during the quarter. Gabelli Funds LLC’s holdings in Kinross Gold were worth $60,588,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new position in shares of Kinross Gold in the 4th quarter valued at about $26,000. Financial Management Professionals Inc. acquired a new stake in shares of Kinross Gold during the fourth quarter worth approximately $26,000. Virtus Advisers LLC acquired a new stake in shares of Kinross Gold during the third quarter worth approximately $28,000. Ascentis Independent Advisors purchased a new position in Kinross Gold during the first quarter valued at approximately $29,000. Finally, Harvest Fund Management Co. Ltd grew its position in Kinross Gold by 85.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after purchasing an additional 589 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Up 0.8%

Shares of NYSE:KGC opened at $23.86 on Friday. The company has a market cap of $28.30 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 0.78. The stock’s 50-day moving average is $25.74 and its 200-day moving average is $30.17. Kinross Gold Corporation has a 52-week low of $15.37 and a 52-week high of $39.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the company posted $0.30 earnings per share. The firm’s revenue for the quarter was up 60.8% on a year-over-year basis. Equities research analysts predict that Kinross Gold Corporation will post 2.65 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, May 21st. Kinross Gold’s payout ratio is currently 6.78%.

Analyst Ratings Changes

A number of research firms have issued reports on KGC. Wall Street Zen downgraded shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. Weiss Ratings cut shares of Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Jefferies Financial Group dropped their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Monday, July 6th. Freedom Capital upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. Finally, ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Kinross Gold has an average rating of “Moderate Buy” and a consensus target price of $37.31.

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.