AGF Management Ltd. Sells 155,561 Shares of Kinross Gold Corporation (NYSE:KGC)

Key Points

• AGF Management Ltd. has reduced its stake in Kinross Gold Corporation by 23.2%, selling 155,561 shares during the first quarter, leaving it with a total of 515,869 shares worth approximately $6.5 million.
• Kinross Gold reported a 41.7% increase in revenue year-over-year, earning $1.75 billion in the latest quarter and surpassing analysts' expectations.
• The company announced a quarterly dividend of $0.03 per share with a dividend yield of 0.6%, set to be paid on September 4th, following an ex-dividend date of August 21st.

AGF Management Ltd. lessened its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 515,869 shares of the mining company's stock after selling 155,561 shares during the quarter. AGF Management Ltd.'s holdings in Kinross Gold were worth $6,499,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in Kinross Gold in the first quarter valued at approximately $55,000. Farther Finance Advisors LLC lifted its holdings in Kinross Gold by 188.6% in the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after buying an additional 3,659 shares during the period. Headlands Technologies LLC acquired a new position in Kinross Gold in the first quarter valued at approximately $77,000. Bruce G. Allen Investments LLC lifted its holdings in Kinross Gold by 68.6% in the first quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock valued at $79,000 after buying an additional 2,561 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in Kinross Gold by 39.3% in the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after buying an additional 1,787 shares during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Stock Up 1.2%

Kinross Gold stock opened at $19.34 on Wednesday. The company has a 50 day moving average of $16.01 and a 200-day moving average of $13.96. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a twelve month low of $8.31 and a twelve month high of $19.38. The stock has a market capitalization of $23.57 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 0.64 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued 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. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. The firm's revenue was up 41.7% compared to the same quarter last year. On average, equities research analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.6%. Kinross Gold's dividend payout ratio is currently 9.68%.

Analyst Ratings Changes

Several equities analysts recently weighed in on KGC shares. UBS Group started coverage on shares of Kinross Gold in a report on Monday, August 4th. They issued a "buy" rating and a $20.00 price objective on the stock. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price objective on the stock in a research note on Monday, June 30th. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Finally, BMO Capital Markets began coverage on shares of Kinross Gold in a research note on Wednesday, April 16th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $20.07.

About Kinross Gold

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.

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