Assetmark Inc. Acquires 92,041 Shares of Kinross Gold Corporation $KGC

Key Points

• Assetmark Inc. increased its stake in Kinross Gold by 4.6% in the first quarter, buying 92,041 additional shares and bringing its total holding to 2.1 million shares worth about $64.2 million.
• Institutional interest in Kinross Gold remains strong, with hedge funds and other investors owning 63.69% of the company; notable holders include Norges Bank, AQR Capital Management, and Man Group.
• Analysts currently rate KGC as a Moderate Buy overall, though sentiment is mixed after some downgrades; the consensus price target is $37.31 versus the stock’s recent opening price of $22.61.

Assetmark Inc. boosted its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 4.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,103,810 shares of the mining company's stock after buying an additional 92,041 shares during the quarter. Assetmark Inc. owned 0.18% of Kinross Gold worth $64,208,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of KGC. Norges Bank purchased a new position in shares of Kinross Gold in the 4th quarter worth $518,656,000. AQR Capital Management LLC boosted its holdings in shares of Kinross Gold by 4,443.4% in the fourth 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 last quarter. Man Group plc boosted its holdings in shares of Kinross Gold by 47.8% in the second 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 boosted its holdings in shares of Kinross Gold by 81.2% in the second 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 bought a new stake in Kinross Gold during the third quarter valued at approximately $74,996,000. Institutional investors own 63.69% of the company's stock.

Analysts Set New Price Targets

KGC has been the subject of a number of research reports. Zacks Research cut shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. ATB Cormark Capital Markets raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, May 1st. Weiss Ratings downgraded Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. Jefferies Financial Group reduced their target price on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. Finally, Wall Street Zen lowered Kinross Gold from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $37.31.

Kinross Gold Stock Down 1.3%

Shares of KGC stock opened at $22.61 on Friday. The company's fifty day simple moving average is $26.47 and its two-hundred day simple moving average is $30.34. Kinross Gold Corporation has a 52 week low of $15.29 and a 52 week high of $39.11. The stock has a market cap of $26.82 billion, a P/E ratio of 9.58, a PEG ratio of 0.60 and a beta of 0.78. 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 issued its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the business posted $0.30 earnings per share. The business's quarterly revenue was up 60.8% compared to the same quarter last year. Analysts predict that Kinross Gold Corporation will post 2.7 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold's dividend payout ratio is currently 6.78%.

About Kinross Gold

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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