Kinross Gold Corporation $KGC Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 47.9% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 54,855,608 shares of the mining company’s stock after selling 50,376,577 shares during the quarter. Kinross Gold makes up 0.8% of Van ECK Associates Corp’s portfolio, making the stock its 21st largest holding. Van ECK Associates Corp’s holdings in Kinross Gold were worth $1,295,587,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Kinross Gold in the fourth quarter valued at $518,656,000. Man Group plc purchased a new stake in shares of Kinross Gold during the 2nd quarter worth about $298,152,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Kinross Gold during the 2nd quarter valued at about $264,652,000. Legal & General Group Plc acquired a new stake in shares of Kinross Gold during the 2nd quarter valued at about $244,762,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Kinross Gold in the 2nd quarter valued at about $222,974,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Scotiabank reduced their price target on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Weiss Ratings lowered Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Finally, UBS Group dropped their price target on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold Trading Down 3.7%

KGC stock opened at $31.30 on Friday. Kinross Gold Corporation has a 12-month low of $20.19 and a 12-month high of $39.11. The business’s 50-day moving average is $25.78 and its 200 day moving average is $29.13. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $37.13 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 0.88 and a beta of 0.78.

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

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold’s dividend payout ratio is currently 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.