Bank of New York Mellon Corp Takes Position in Kinross Gold Corporation $KGC

Key Points

• Bank of New York Mellon acquired 1.47 million Kinross Gold shares worth approximately $34.8 million, giving it a 0.12% stake. Institutional investors collectively own 63.69% of the company.
• Kinross reported quarterly EPS of $0.71, beating estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. Analysts expect full-year EPS of $2.61.
• The company declared a quarterly dividend of $0.04, or $0.16 annually, representing a 0.5% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $38.43.

Bank of New York Mellon Corp bought a new stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the second quarter, according to its most recent filing with the SEC. The firm bought 1,471,708 shares of the mining company's stock, valued at approximately $34,762,000. Bank of New York Mellon Corp owned about 0.12% of Kinross Gold at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Kinross Gold by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company's stock valued at $1,433,345,000 after buying an additional 148,845 shares during the last quarter. Boston Partners boosted its position in shares of Kinross Gold by 1.6% in the third quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock valued at $1,133,463,000 after acquiring an additional 707,498 shares during the period. FIL Ltd grew its stake in shares of Kinross Gold by 4.8% in the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after acquiring an additional 1,326,833 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Kinross Gold by 2.3% in the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company's stock worth $779,677,000 after acquiring an additional 571,100 shares during the last quarter. Finally, Norges Bank bought a new position in Kinross Gold during the fourth quarter worth $518,656,000. Institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Down 3.7%

NYSE KGC opened at $31.30 on Friday. Kinross Gold Corporation has a 12 month low of $20.19 and a 12 month high of $39.11. The stock has a 50-day simple moving average of $25.78 and a 200 day simple moving average of $29.13. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $37.13 billion, a PE ratio of 11.86, a P/E/G ratio of 0.88 and a beta of 0.78.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion for the quarter, compared to analysts' expectations of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The company's revenue was up 29.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 earnings per share. Research analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold's payout ratio is presently 6.06%.

Analyst Ratings Changes

A number of brokerages have weighed in on KGC. Scotiabank reduced their price target 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. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. ATB Cormark Capital Markets raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, July 31st. Royal Bank Of Canada lowered their price target on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Finally, UBS Group reduced their price objective on Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Kinross Gold has a consensus rating of "Moderate Buy" and an average target price of $38.43.

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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