1832 Asset Management L.P. Sells 849,362 Shares of Kinross Gold Corporation $KGC

Key Points

• 1832 Asset Management L.P. reduced its stake in Kinross Gold Corporation by 11.5%, selling 849,362 shares, leaving it with approximately 6.57 million shares valued at $82.8 million.
• Kinross Gold reported an earnings per share (EPS) of $0.44 for the last quarter, exceeding analyst expectations of $0.33, along with a revenue of $1.75 billion.
• The company announced a quarterly dividend of $0.03 per share, set to be paid on September 4th, which translates to an annual yield of 0.6%.

1832 Asset Management L.P. lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 11.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,567,601 shares of the mining company's stock after selling 849,362 shares during the period. 1832 Asset Management L.P. owned 0.53% of Kinross Gold worth $82,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its position in shares of Kinross Gold by 8.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock valued at $2,204,000 after buying an additional 18,135 shares during the last quarter. State of Wyoming raised its position in shares of Kinross Gold by 56.5% during the fourth quarter. State of Wyoming now owns 120,777 shares of the mining company's stock valued at $1,120,000 after buying an additional 43,595 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Kinross Gold by 77.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,230,858 shares of the mining company's stock valued at $20,587,000 after buying an additional 975,147 shares during the last quarter. Artemis Investment Management LLP raised its position in shares of Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after buying an additional 5,400,447 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in shares of Kinross Gold by 264.7% during the first quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock valued at $1,960,000 after buying an additional 112,800 shares during the last quarter. Institutional investors own 63.69% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and lifted their price objective for the company from $14.00 to $18.00 in a research report on Thursday, June 26th. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a report on Tuesday, June 24th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a report on Monday, June 30th. UBS Group began coverage on shares of Kinross Gold in a report on Monday, August 4th. They issued a "buy" rating and a $20.00 target price for the company. Finally, CIBC raised their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Kinross Gold presently has an average rating of "Buy" and an average price target of $20.07.

Kinross Gold Trading Down 0.1%

Shares of NYSE:KGC traded down $0.01 on Wednesday, hitting $20.22. 11,749,046 shares of the company's stock were exchanged, compared to its average volume of 20,663,895. Kinross Gold Corporation has a 12 month low of $8.31 and a 12 month high of $20.26. The stock has a market capitalization of $24.57 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 0.65 and a beta of 0.55. The business's 50 day simple moving average is $16.81 and its two-hundred day simple moving average is $14.51. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $0.14 earnings per share. The business's revenue for the quarter was up 41.7% compared to the same quarter last year. Analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is 9.68%.

Kinross Gold Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.