Assenagon Asset Management S.A. Trims Stock Holdings in Kinross Gold Corporation $KGC

Key Points

• Assenagon Asset Management reduced its Kinross Gold stake by 3.3% in the second quarter, selling 40,723 shares and retaining 1.2 million shares valued at approximately $28.4 million. Institutional investors collectively own 63.69% of the company.
• Kinross Gold reported quarterly earnings of $0.71 per share, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company declared a quarterly dividend of $0.04 per share, yielding 0.6% annually.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $38.43, despite several firms recently lowering their targets and one downgrade to “strong sell.”

Assenagon Asset Management S.A. lowered its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 3.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 1,203,505 shares of the mining company's stock after selling 40,723 shares during the quarter. Assenagon Asset Management S.A. owned about 0.10% of Kinross Gold worth $28,434,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in KGC. Norges Bank acquired a new stake in shares of Kinross Gold during the fourth quarter worth about $518,656,000. AQR Capital Management LLC increased its holdings in Kinross Gold by 4,443.4% in the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company's stock worth $189,808,000 after buying an additional 6,590,380 shares during the period. Man Group plc raised its position in Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock worth $261,646,000 after buying an additional 5,411,491 shares during the last quarter. Bank of America Corp DE raised its position in Kinross Gold by 81.2% during the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock worth $126,191,000 after buying an additional 3,617,320 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Kinross Gold during the 3rd quarter valued at approximately $74,996,000. Hedge funds and other institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Down 0.1%

Shares of NYSE:KGC opened at $27.61 on Monday. Kinross Gold Corporation has a 12-month low of $18.44 and a 12-month high of $39.11. The company has a market capitalization of $32.75 billion, a PE ratio of 10.46, a PEG ratio of 0.74 and a beta of 0.78. The business has a 50 day moving average of $24.86 and a two-hundred day moving average of $29.62. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.05. The business had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.24 billion. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The business's revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the company earned $0.44 EPS. As a group, analysts forecast that Kinross Gold Corporation will post 2.63 EPS for the current year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Kinross Gold's dividend payout ratio is 6.06%.

Wall Street Analyst Weigh In

Several research firms have recently commented on KGC. Jefferies Financial Group dropped their price objective on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a report on Monday, July 6th. Scotiabank reduced their target price on shares of Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. Royal Bank Of Canada decreased their target price on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Zacks Research lowered shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Finally, Wall Street Zen downgraded Kinross Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $38.43.

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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