Allianz Asset Management GmbH Buys 1,101,704 Shares of Kinross Gold Corporation $KGC

Key Points

• Allianz Asset Management GmbH increased its stake in Kinross Gold Corporation by 15.9%, acquiring over 1.1 million shares during the second quarter, bringing its total holdings to approximately 8 million shares, valued at $125.4 million.
• Wall Street analysts have raised their target prices for Kinross Gold, with estimates ranging up to **$36.00**, reflecting a consensus **"Buy"** rating and a current average price target of **$25.19**.
• Kinross Gold reported quarterly earnings of $0.44 EPS, exceeding estimates, with a **41.7% year-over-year revenue growth** to **$1.75 billion** for the quarter ending July 30th.

Allianz Asset Management GmbH raised its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 15.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 8,048,760 shares of the mining company's stock after acquiring an additional 1,101,704 shares during the period. Allianz Asset Management GmbH owned approximately 0.66% of Kinross Gold worth $125,409,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in KGC. IFP Advisors Inc lifted its position in Kinross Gold by 19.1% during the second quarter. IFP Advisors Inc now owns 5,210 shares of the mining company's stock worth $81,000 after acquiring an additional 835 shares during the last quarter. Cresset Asset Management LLC lifted its position in Kinross Gold by 3.0% during the first quarter. Cresset Asset Management LLC now owns 34,714 shares of the mining company's stock worth $438,000 after acquiring an additional 1,013 shares during the last quarter. US Bancorp DE increased its holdings in shares of Kinross Gold by 2.0% during the second quarter. US Bancorp DE now owns 55,320 shares of the mining company's stock worth $865,000 after purchasing an additional 1,103 shares during the period. S.A. Mason LLC increased its holdings in shares of Kinross Gold by 6.0% during the first quarter. S.A. Mason LLC now owns 22,250 shares of the mining company's stock worth $281,000 after purchasing an additional 1,250 shares during the period. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Kinross Gold by 12.5% during the first quarter. OneDigital Investment Advisors LLC now owns 11,273 shares of the mining company's stock worth $142,000 after purchasing an additional 1,250 shares during the period. Institutional investors own 63.69% of the company's stock.

Wall Street Analyst Weigh In

KGC has been the topic of a number of research reports. TD Securities boosted their target price on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. CIBC upped their price objective on shares of Kinross Gold from $22.00 to $36.00 and gave the stock an "outperformer" rating in a research report on Friday, October 10th. Canaccord Genuity Group boosted their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, UBS Group increased their target price on shares of Kinross Gold from $20.00 to $27.00 and gave the stock a "buy" rating in a research note on Friday, September 19th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $25.19.

Kinross Gold Price Performance

KGC stock opened at $26.93 on Thursday. The company has a market capitalization of $32.65 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 0.81 and a beta of 0.64. The company's fifty day moving average price is $22.29 and its 200-day moving average price is $17.45. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. Kinross Gold Corporation has a one year low of $8.99 and a one year high of $27.45.

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

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold's payout ratio is presently 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.

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