BlackRock Inc. Invests $83.29 Million in Kinross Gold Corporation $KGC

Key Points

• BlackRock purchased 3.53 million Kinross Gold shares in the second quarter, valued at approximately $83.3 million, giving it a 0.30% stake. Institutional investors collectively own 63.69% of the company.
• Kinross reported quarterly earnings of $0.71 per share, exceeding analyst expectations of $0.66, while revenue rose 29.5% year over year to $2.22 billion.
• The company declared a quarterly dividend of $0.04 per share, equivalent to an annualized yield of 0.5%. Analysts maintain a “Moderate Buy” consensus with an average price target of $38.43.

BlackRock Inc. purchased a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,526,243 shares of the mining company's stock, valued at approximately $83,290,000. BlackRock Inc. owned about 0.30% of Kinross Gold as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners lifted its position in Kinross Gold by 1.6% during the 3rd 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 increased its holdings in shares of Kinross Gold by 4.8% in the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after purchasing an additional 1,326,833 shares in the last quarter. Renaissance Technologies LLC raised its position in Kinross Gold by 2.3% in the 1st quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company's stock worth $779,677,000 after buying an additional 571,100 shares during the last quarter. Norges Bank purchased a new stake in Kinross Gold during the 4th quarter valued at $518,656,000. Finally, Man Group plc lifted its holdings in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after acquiring an additional 5,411,491 shares during the period. Hedge funds and other institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Up 0.1%

NYSE KGC opened at $31.30 on Monday. The company has a market capitalization of $37.13 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.84 and a beta of 0.78. The company's 50-day simple moving average is $25.78 and its two-hundred day simple moving average is $29.09. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. Kinross Gold Corporation has a one year low of $20.19 and a one year high of $39.11.

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

Kinross Gold Dividend Announcement

The company 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 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold's dividend payout ratio (DPR) is 6.06%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on KGC. Wall Street Zen downgraded shares of Kinross Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Zacks Research cut Kinross Gold from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. UBS Group lowered their price target on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Finally, Royal Bank Of Canada cut their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Kinross Gold presently has an average rating of "Moderate Buy" and a consensus price target 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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