Bank of Nova Scotia Trust Co. Sells 32,295 Shares of Kinross Gold Corporation (NYSE:KGC)

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. trimmed its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 34.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of KGC. Renaissance Technologies LLC raised its position in Kinross Gold by 10.9% in the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after purchasing an additional 3,224,455 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in Kinross Gold by 8.3% during 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 buying an additional 18,135 shares during the last quarter. State of Wyoming grew its stake in Kinross Gold by 56.5% during the fourth quarter. State of Wyoming now owns 120,777 shares of the mining company's stock worth $1,120,000 after buying an additional 43,595 shares during the last quarter. Hsbc Holdings PLC grew its stake in Kinross Gold by 77.7% during 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 during the last quarter. Finally, Artemis Investment Management LLP grew its stake in Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after buying an additional 5,400,447 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Price Performance

NYSE:KGC traded up $0.72 on Tuesday, hitting $17.98. The company had a trading volume of 8,332,769 shares, compared to its average volume of 20,902,039. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a 52 week low of $8.08 and a 52 week high of $18.01. The firm has a 50 day moving average of $15.55 and a two-hundred day moving average of $13.64. The stock has a market capitalization of $21.91 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 0.55 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. The company had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.52 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold's revenue for the quarter was up 41.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share. On average, research analysts anticipate 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. Investors of record on Thursday, August 21st will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Scotiabank raised their price target on shares of Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 8th. Royal Bank Of Canada lifted 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. Wall Street Zen raised shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 18th. CIBC lifted their price target on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Kinross Gold currently has an average rating of "Buy" and a consensus price target of $18.50.

Kinross Gold Company 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.