Bank of America Corp DE Purchases 1,106,837 Shares of Kinross Gold Corporation $KGC

Key Points

• Bank of America increased its Kinross Gold position by 11.4% in the second quarter, purchasing 1.1 million additional shares. It held 10.82 million shares worth approximately $255.6 million, or 0.91% of the company.
• Kinross Gold has a “Moderate Buy” consensus rating from analysts, with an average price target of $38.43. Recent recommendations included upgrades from ATB Cormark and Zacks Research, though several firms lowered their price targets.
• The company reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. Kinross also pays a quarterly dividend of $0.04, representing a 0.6% annual yield.

Bank of America Corp DE increased its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 11.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,822,887 shares of the mining company's stock after purchasing an additional 1,106,837 shares during the period. Bank of America Corp DE owned 0.91% of Kinross Gold worth $255,637,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Caisse de depot et placement du Quebec bought a new position in shares of Kinross Gold in the 2nd quarter worth about $13,249,000. Man Group plc purchased a new stake in shares of Kinross Gold in the 2nd quarter worth approximately $298,152,000. Invst LLC purchased a new stake in shares of Kinross Gold in the 2nd quarter worth approximately $387,000. Polar Asset Management Partners Inc. bought a new position in Kinross Gold during the 2nd quarter valued at approximately $305,000. Finally, Jupiter Topco LLC bought a new position in Kinross Gold during the 2nd quarter valued at approximately $1,807,000. Institutional investors own 63.69% of the company's stock.

Analysts Set New Price Targets

KGC has been the topic of a number of recent research reports. ATB Cormark Capital Markets raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, July 31st. Zacks Research upgraded shares of Kinross Gold from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Royal Bank Of Canada cut their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. UBS Group reduced their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Scotiabank decreased 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Kinross Gold has a consensus rating of "Moderate Buy" and an average price target of $38.43.

Kinross Gold Stock Down 0.8%

Kinross Gold stock opened at $27.82 on Thursday. The stock has a market cap of $32.96 billion, a PE ratio of 10.54, a price-to-earnings-growth ratio of 0.67 and a beta of 0.84. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. Kinross Gold Corporation has a one year low of $21.94 and a one year high of $39.11. The stock has a fifty day moving average of $27.21 and a 200 day moving average of $28.65.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the company posted $0.44 EPS. The business's quarterly revenue was up 29.5% compared to the same quarter last year. As a group, sell-side analysts predict that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were issued a $0.04 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. Kinross Gold's dividend payout ratio (DPR) is presently 6.06%.

Kinross Gold Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company's operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.

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