Addenda Capital Inc. Takes Position in Kinross Gold Corporation $KGC

Key Points

• Addenda Capital acquired a new stake of 34,570 shares of Kinross Gold in Q4 valued at about $973,000, and overall institutions own 63.69% of KGC with large position increases from VanEck, Vanguard, Boston Partners and others.
• Kinross reported a quarterly EPS beat of $0.67 vs. $0.55 consensus and revenue rose 42.9% year-over-year, with a net margin of 33.9% and ROE of 28.22%.
• The company raised its quarterly dividend to $0.04 (annualized $0.16, yield 0.5%), and analysts hold a consensus rating of "Moderate Buy" with an average price target of $38.81 amid mixed broker notes.

Addenda Capital Inc. acquired a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 34,570 shares of the mining company's stock, valued at approximately $973,000.

Several other institutional investors also recently made changes to their positions in the stock. Van ECK Associates Corp grew its stake in shares of Kinross Gold by 7.8% during the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company's stock valued at $2,682,791,000 after buying an additional 7,825,336 shares during the period. Vanguard Group Inc. grew its stake in shares of Kinross Gold by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company's stock valued at $1,259,280,000 after buying an additional 1,553,594 shares during the period. Boston Partners boosted its position in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock worth $1,133,463,000 after purchasing an additional 707,498 shares during the period. Man Group plc increased its holdings in Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in Kinross Gold by 16.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,083,320 shares of the mining company's stock valued at $349,472,000 after purchasing an additional 2,018,572 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Stock Performance

NYSE:KGC opened at $33.08 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37. The firm has a 50-day moving average of $32.34 and a two-hundred day moving average of $29.19. The stock has a market cap of $39.61 billion, a P/E ratio of 16.88, a PEG ratio of 1.54 and a beta of 0.82. Kinross Gold Corporation has a 1-year low of $12.37 and a 1-year high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.12. The company had revenue of $2.01 billion during the quarter, compared to analysts' expectations of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm's revenue for the quarter was up 42.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 EPS. On average, research analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Shareholders of record on Wednesday, March 11th were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, March 11th. This is an increase from Kinross Gold's previous quarterly dividend of $0.04. Kinross Gold's dividend payout ratio is currently 8.16%.

Analysts Set New Price Targets

A number of brokerages have commented on KGC. Zacks Research cut Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 23rd. Royal Bank Of Canada raised Kinross Gold from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $36.00 to $45.00 in a research report on Thursday, March 12th. TD Securities decreased their target price on Kinross Gold from $43.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, March 3rd. UBS Group decreased their target price on Kinross Gold from $43.00 to $37.00 and set a "buy" rating for the company in a research report on Friday, March 27th. Finally, Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $38.81.

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.

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