The Manufacturers Life Insurance Company Takes $222.97 Million Position in Kinross Gold Corporation $KGC

The Manufacturers Life Insurance Company purchased a new position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the second quarter, Holdings Channel.com reports. The firm purchased 9,435,939 shares of the mining company’s stock, valued at approximately $222,974,000.

A number of other hedge funds also recently bought and sold shares of the company. Parallel Advisors LLC boosted its holdings in shares of Kinross Gold by 3.2% in the fourth quarter. Parallel Advisors LLC now owns 9,310 shares of the mining company’s stock worth $262,000 after buying an additional 292 shares during the period. Turning Point Benefit Group Inc. increased its position in shares of Kinross Gold by 6.6% in the fourth quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company’s stock worth $178,000 after acquiring an additional 393 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its holdings in shares of Kinross Gold by 2.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 22,569 shares of the mining company’s stock valued at $636,000 after acquiring an additional 473 shares during the period. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. raised its holdings in shares of Kinross Gold by 0.4% during the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company’s stock valued at $3,329,000 after acquiring an additional 500 shares during the period. Finally, Laird Norton Wetherby Wealth Management LLC lifted its position in shares of Kinross Gold by 2.1% in the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock valued at $629,000 after acquiring an additional 521 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. UBS Group lowered their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 31st. Zacks Research downgraded Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Scotiabank reduced their price objective on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group decreased their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Kinross Gold currently has an average rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold Trading Up 0.7%

Kinross Gold stock opened at $32.98 on Tuesday. The company’s fifty day simple moving average is $25.37 and its 200-day simple moving average is $29.10. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 12 month low of $19.62 and a 12 month high of $39.11. The stock has a market cap of $39.12 billion, a P/E ratio of 12.49, a P/E/G ratio of 0.88 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The business had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business posted $0.44 earnings per share. Kinross Gold’s revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, August 20th. 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 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.