Kinross Gold Corporation (NYSE:KGC) Shares Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd increased its holdings in Kinross Gold Corporation by 481.4% during Q1, now owning 42,397 shares valued at approximately $535,000.
• Multiple hedge funds have also significantly boosted their positions in Kinross Gold, indicating strong institutional interest, with 63.69% of the company now owned by such investors.
• Kinross Gold recently reported a 41.7% increase in quarterly revenue compared to last year, with earnings per share of $0.44, surpassing analysts' estimates.

Bayforest Capital Ltd increased its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 481.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,397 shares of the mining company's stock after purchasing an additional 35,105 shares during the quarter. Bayforest Capital Ltd's holdings in Kinross Gold were worth $535,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new position in shares of Kinross Gold during the 1st quarter valued at about $55,000. Farther Finance Advisors LLC boosted its position in shares of Kinross Gold by 188.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after acquiring an additional 3,659 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in shares of Kinross Gold by 68.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock valued at $79,000 after buying an additional 2,561 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Kinross Gold by 39.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock worth $80,000 after purchasing an additional 1,787 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Kinross Gold by 37.0% in the first quarter. Blue Trust Inc. now owns 7,811 shares of the mining company's stock valued at $98,000 after acquiring an additional 2,110 shares during the period. Hedge funds and other institutional investors own 63.69% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently commented on KGC shares. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and upped their price target for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. CIBC increased their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research report on Friday. Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 18th. Finally, UBS Group began coverage on Kinross Gold in a research note on Monday. They issued a "buy" rating and a $20.00 price objective for the company. Two research 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 stock. Based on data from MarketBeat, Kinross Gold has an average rating of "Buy" and a consensus target price of $18.50.

Kinross Gold Price Performance

Shares of KGC stock traded up $0.96 on Monday, reaching $17.17. 11,317,667 shares of the company were exchanged, compared to its average volume of 20,980,230. The company has a market cap of $20.92 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 0.55 and a beta of 0.55. The business has a 50-day moving average price of $15.50 and a 200 day moving average price of $13.59. Kinross Gold Corporation has a 1 year low of $7.84 and a 1 year high of $17.22. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84.

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

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be paid 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 yield of 0.7%. Kinross Gold's dividend payout ratio is presently 9.68%.

About Kinross Gold

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.