K2 Principal Fund L.P. Purchases New Stake in Kinross Gold Corporation $KGC

Key Points

• K2 Principal Fund L.P. has acquired 33,000 shares of Kinross Gold Corporation, valued at approximately $416,000, indicating strong interest from institutional investors in the mining sector.
• Kinross Gold reported a 41.7% increase in revenue year-over-year for the last quarter, reaching $1.75 billion, and beat analysts' earnings expectations with $0.44 earnings per share.
• The company recently announced a quarterly dividend of $0.03, reflecting a dividend yield of 0.6% and a payout ratio of 9.68%, highlighting its financial stability.

K2 Principal Fund L.P. purchased a new position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 33,000 shares of the mining company's stock, valued at approximately $416,000.

A number of other large investors also recently modified their holdings of KGC. Northern Trust Corp lifted its holdings in shares of Kinross Gold by 80.5% during the fourth quarter. Northern Trust Corp now owns 1,185,021 shares of the mining company's stock worth $10,985,000 after buying an additional 528,339 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Kinross Gold by 4.5% in the fourth quarter. Bank of America Corp DE now owns 3,884,088 shares of the mining company's stock valued at $36,005,000 after purchasing an additional 168,169 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in shares of Kinross Gold by 249.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 204,664 shares of the mining company's stock valued at $1,897,000 after purchasing an additional 146,064 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of Kinross Gold by 13.0% in the fourth quarter. Cetera Investment Advisers now owns 79,680 shares of the mining company's stock valued at $739,000 after purchasing an additional 9,194 shares in the last quarter. Finally, Concentric Capital Strategies LP acquired a new position in shares of Kinross Gold in the fourth quarter valued at $2,184,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and upped their target price for the company from $14.00 to $18.00 in a research note on Thursday, June 26th. Canaccord Genuity Group upped their target price on Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Zacks Research lowered Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. National Bankshares restated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Finally, UBS Group initiated coverage on Kinross Gold in a research note on Monday, August 4th. They set a "buy" rating and a $20.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $20.07.

Kinross Gold Price Performance

Shares of NYSE:KGC traded up $0.49 during midday trading on Wednesday, reaching $22.86. The company's stock had a trading volume of 6,897,218 shares, compared to its average volume of 20,506,355. Kinross Gold Corporation has a fifty-two week low of $8.89 and a fifty-two week high of $22.91. The company has a market capitalization of $27.77 billion, a P/E ratio of 18.41, a P/E/G ratio of 0.75 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The business's fifty day simple moving average is $18.00 and its 200-day simple moving average is $15.20.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period last year, the company posted $0.14 earnings per share. The firm's quarterly revenue was up 41.7% compared to the same quarter last year. As a group, equities research analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a $0.03 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. 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.