Kinross Gold Corporation (NYSE:KGC) Shares Sold by Bank of Nova Scotia Trust Co.

Key Points

• The Bank of Nova Scotia Trust Co. reduced its holdings in Kinross Gold Corporation by 34.6%, selling 32,295 shares, with remaining holdings valued at $770,000.
• Kinross Gold reported $1.75 billion in revenue and $0.44 earnings per share for the most recent quarter, exceeding estimates significantly.
• A quarterly dividend of $0.03 per share was announced, reflecting an annualized dividend yield of 0.7%.

Bank of Nova Scotia Trust Co. lessened its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 34.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 61,046 shares of the mining company's stock after selling 32,295 shares during the period. Bank of Nova Scotia Trust Co.'s holdings in Kinross Gold were worth $770,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Renaissance Technologies LLC raised its stake in Kinross Gold by 10.9% during the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after acquiring an additional 3,224,455 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Kinross Gold by 8.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock worth $2,204,000 after acquiring an additional 18,135 shares during the period. State of Wyoming raised its stake in Kinross Gold by 56.5% during the 4th quarter. State of Wyoming now owns 120,777 shares of the mining company's stock valued at $1,120,000 after purchasing an additional 43,595 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Kinross Gold by 77.7% in the fourth quarter. Hsbc Holdings PLC now owns 2,230,858 shares of the mining company's stock worth $20,587,000 after buying an additional 975,147 shares in the last quarter. Finally, Artemis Investment Management LLP increased its holdings in Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after acquiring an additional 5,400,447 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

KGC has been the subject of several research analyst reports. Scotiabank raised their price target on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 8th. Wall Street Zen raised shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 18th. UBS Group initiated coverage on shares of Kinross Gold in a research note on Monday. They issued a "buy" rating and a $20.00 price objective for the company. BMO Capital Markets began coverage on shares of Kinross Gold in a research report on Wednesday, April 16th. They set an "outperform" rating on the stock. Finally, Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $18.50.

Kinross Gold Trading Up 1.0%

KGC stock traded up $0.20 during trading on Thursday, hitting $18.91. The company had a trading volume of 6,875,873 shares, compared to its average volume of 20,967,164. Kinross Gold Corporation has a 52-week low of $8.13 and a 52-week high of $19.05. The company has a 50 day simple moving average of $15.62 and a 200-day simple moving average of $13.67. The firm has a market capitalization of $23.04 billion, a P/E ratio of 15.25, a PEG ratio of 0.60 and a beta of 0.55. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

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

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

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.