Acadian Asset Management LLC Sells 154,600 Shares of Kinross Gold Corporation $KGC

Key Points

• Acadian Asset Management LLC significantly reduced its stake in Kinross Gold Corporation, cutting holdings by 53.2% in the first quarter, leaving them with 136,000 shares valued at $1.71 million.
• Multiple analysts have upgraded their ratings and target prices for Kinross Gold, with Royal Bank of Canada raising their target from $14.00 to $19.00, while UBS Group set a price objective of $20.00.
• Kinross Gold's recent earnings results exceeded expectations, reporting $1.75 billion in revenue and an EPS of $0.44, surpassing consensus estimates of $0.33.

Acadian Asset Management LLC cut its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 53.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 136,000 shares of the mining company's stock after selling 154,600 shares during the quarter. Acadian Asset Management LLC's holdings in Kinross Gold were worth $1,710,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of KGC. Goldman Sachs Group Inc. increased its position in shares of Kinross Gold by 95.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock worth $87,639,000 after purchasing an additional 3,398,687 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Kinross Gold by 8.3% during the 4th 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 period. Edmond DE Rothschild Holding S.A. grew its position in shares of Kinross Gold by 21.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company's stock worth $4,076,000 after acquiring an additional 57,966 shares in the last quarter. Sprott Inc. raised its stake in Kinross Gold by 1.7% during the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company's stock valued at $36,976,000 after acquiring an additional 48,905 shares in the last quarter. Finally, Artemis Investment Management LLP grew its holdings 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 in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on KGC shares. Wall Street Zen downgraded Kinross Gold from a "strong-buy" rating to a "buy" rating in a research report on Saturday. UBS Group increased their price target on Kinross Gold from $20.00 to $27.00 and gave the company a "buy" rating in a research report on Friday. Royal Bank Of Canada increased their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and increased their price target for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Finally, Raymond James Financial raised Kinross Gold to a "hold" rating and set a $15.00 price objective for the company in a research report on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Kinross Gold presently has an average rating of "Moderate Buy" and an average target price of $21.07.

Kinross Gold Stock Performance

KGC stock traded up $1.20 during midday trading on Friday, hitting $23.46. 29,871,272 shares of the stock traded hands, compared to its average volume of 14,906,971. 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 firm has a market cap of $28.44 billion, a P/E ratio of 18.92, a PEG ratio of 0.72 and a beta of 0.62. Kinross Gold Corporation has a 1-year low of $8.99 and a 1-year high of $23.65. The stock's fifty day simple moving average is $19.18 and its 200-day simple moving average is $15.84.

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

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold's payout ratio is currently 9.68%.

Kinross Gold Company 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.