Bank of Nova Scotia Reduces Holdings in Kinross Gold Corporation (NYSE:KGC)

Key Points

• Bank of Nova Scotia has reduced its holdings in Kinross Gold by 2.0%, now owning approximately 8.19 million shares valued at $103.23 million.
• Several hedge funds have increased their positions in Kinross Gold, with Jupiter Asset Management leading with a 166.2% increase during the first quarter.
• Wall Street analysts maintain a generally positive outlook for Kinross Gold, with an average rating of "Buy" and a price target of $18.20.

Bank of Nova Scotia lowered its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 2.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,192,497 shares of the mining company's stock after selling 167,861 shares during the period. Bank of Nova Scotia owned approximately 0.67% of Kinross Gold worth $103,228,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. R Squared Ltd grew its position in shares of Kinross Gold by 11.1% during the first quarter. R Squared Ltd now owns 17,080 shares of the mining company's stock worth $215,000 after buying an additional 1,710 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in shares of Kinross Gold by 166.2% during the first quarter. Jupiter Asset Management Ltd. now owns 518,654 shares of the mining company's stock worth $6,533,000 after buying an additional 323,788 shares in the last quarter. Natixis Advisors LLC grew its position in shares of Kinross Gold by 20.8% during the first quarter. Natixis Advisors LLC now owns 169,671 shares of the mining company's stock worth $2,140,000 after buying an additional 29,240 shares in the last quarter. Baader Bank Aktiengesellschaft grew its position in shares of Kinross Gold by 52.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 63,868 shares of the mining company's stock worth $770,000 after buying an additional 22,006 shares in the last quarter. Finally, Bayforest Capital Ltd grew its position in shares of Kinross Gold by 481.4% during the first quarter. Bayforest Capital Ltd now owns 42,397 shares of the mining company's stock worth $535,000 after buying an additional 35,105 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on KGC. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Royal Bank Of Canada raised their price target on shares of Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and raised their price target for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a research report on Monday, June 30th. Finally, BMO Capital Markets assumed coverage on shares of Kinross Gold in a research report on Wednesday, April 16th. They set an "outperform" rating for the company. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Kinross Gold currently has an average rating of "Buy" and an average price target of $18.20.

Kinross Gold Stock Performance

Kinross Gold stock opened at $16.20 on Friday. The company has a market cap of $19.74 billion, a PE ratio of 13.06, a P/E/G ratio of 0.55 and a beta of 0.55. The company has a fifty day moving average price of $15.50 and a two-hundred day moving average price of $13.54. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.22. Kinross Gold Corporation has a 12 month low of $7.84 and a 12 month high of $16.52.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.11. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company's revenue for the quarter was up 41.7% compared to the same quarter last year. Research analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.7%. Kinross Gold's payout ratio is 12.24%.

Kinross Gold Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.

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