Allspring Global Investments Holdings LLC Reduces Stake in Kinross Gold Corporation (NYSE:KGC)

Allspring Global Investments Holdings LLC lowered its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 26.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,588,465 shares of the mining company's stock after selling 922,894 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.21% of Kinross Gold worth $32,616,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Kinross Gold by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 47,365,206 shares of the mining company's stock worth $439,881,000 after buying an additional 763,248 shares during the period. Renaissance Technologies LLC lifted its holdings in Kinross Gold by 10.9% in the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after buying an additional 3,224,455 shares during the period. Norges Bank purchased a new stake in Kinross Gold in the 4th quarter worth approximately $280,697,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Kinross Gold by 10.5% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,665,537 shares of the mining company's stock worth $136,028,000 after buying an additional 1,398,225 shares during the period. Finally, Mackenzie Financial Corp lifted its holdings in Kinross Gold by 21.2% in the 4th quarter. Mackenzie Financial Corp now owns 13,951,818 shares of the mining company's stock worth $129,435,000 after buying an additional 2,438,445 shares during the period. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analyst Weigh In

KGC has been the subject of several research analyst reports. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and increased their price objective for the stock from $14.00 to $18.00 in a report on Thursday. Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 18th. National Bankshares restated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Scotiabank raised their target price on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 8th. Finally, Raymond James Financial assumed coverage on Kinross Gold in a research note on Monday. They issued a "market perform" rating and a $15.00 target price for the company. Two research analysts have rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $17.00.

Kinross Gold Stock Up 5.1%

Shares of NYSE:KGC opened at $15.63 on Tuesday. The stock has a fifty day simple moving average of $14.88 and a two-hundred day simple moving average of $12.58. The stock has a market capitalization of $19.17 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 0.61 and a beta of 0.63. Kinross Gold Corporation has a 12-month low of $7.84 and a 12-month high of $16.04. The company has a current ratio of 2.83, a quick ratio of 1.22 and a debt-to-equity ratio of 0.17.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.08. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. The company's revenue was up 38.5% on a year-over-year basis. During the same period last year, the company earned $0.10 earnings per share. On average, research analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.77%. The ex-dividend date of this dividend was Thursday, May 29th. Kinross Gold's payout ratio is 12.24%.

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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