Assenagon Asset Management S.A. Grows Position in Kinross Gold Corporation $KGC

Key Points

• Assenagon Asset Management more than doubled its stake in Kinross Gold during the first quarter, increasing holdings by 103.9% to 1.24 million shares valued at about $38 million.
• Other institutional investors also made small increases, and 63.69% of Kinross Gold shares are owned by hedge funds and other institutions, indicating strong institutional interest.
• Kinross Gold recently beat earnings estimates with $0.71 EPS versus $0.68 expected, while analysts currently rate the stock a Moderate Buy with an average price target of $38.81.

Assenagon Asset Management S.A. raised its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 103.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,244,228 shares of the mining company's stock after acquiring an additional 634,072 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.10% of Kinross Gold worth $37,968,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in KGC. Parallel Advisors LLC boosted its holdings in shares of Kinross Gold by 3.2% during the fourth quarter. Parallel Advisors LLC now owns 9,310 shares of the mining company's stock worth $262,000 after purchasing an additional 292 shares during the last quarter. Turning Point Benefit Group Inc. increased its stake in Kinross Gold by 6.6% in the fourth quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company's stock valued at $178,000 after purchasing an additional 393 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its position in Kinross Gold by 2.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 22,569 shares of the mining company's stock worth $636,000 after buying an additional 473 shares during the period. Armstrong Advisory Group Inc. boosted its stake in Kinross Gold by 32.9% in the 4th quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company's stock worth $55,000 after buying an additional 483 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC grew its holdings in Kinross Gold by 2.1% in the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company's stock valued at $629,000 after buying an additional 521 shares during the period. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. TD Securities lowered their target price on shares of Kinross Gold from $43.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. UBS Group cut their price target on shares of Kinross Gold from $43.00 to $37.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. Weiss Ratings downgraded shares of Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Finally, Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $38.81.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $24.25 on Friday. The stock has a market cap of $28.83 billion, a P/E ratio of 10.28, a P/E/G ratio of 0.85 and a beta of 0.71. The firm's 50-day simple moving average is $28.88 and its 200 day simple moving average is $30.81. Kinross Gold Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $39.11. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The firm had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the previous year, the company earned $0.30 earnings per share. The firm's quarterly revenue was up 60.8% compared to the same quarter last year. Equities analysts expect that Kinross Gold Corporation will post 2.91 EPS for the current year.

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were issued a $0.04 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. Kinross Gold's dividend payout ratio is currently 6.78%.

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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