Canada Pension Plan Investment Board Takes $217.19 Million Position in Kinross Gold Corporation $KGC

Key Points

• Canada Pension Plan Investment Board acquired 9.18 million Kinross Gold shares worth approximately $217.19 million, representing about 0.77% of the company. Institutional investors and hedge funds collectively own 63.69% of KGC.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $38.43, despite several recent target-price cuts and one downgrade to “Strong Sell.”
• Kinross reported quarterly EPS of $0.71, beating estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company also declared a quarterly dividend of $0.04 per share, implying a 0.5% annualized yield.

Canada Pension Plan Investment Board acquired a new stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,182,216 shares of the mining company's stock, valued at approximately $217,190,000. Canada Pension Plan Investment Board owned approximately 0.77% of Kinross Gold as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Virtus Advisers LLC acquired a new position in Kinross Gold in the third quarter valued at about $28,000. Ascentis Independent Advisors acquired a new stake in shares of Kinross Gold during the first quarter worth about $29,000. Harvest Fund Management Co. Ltd raised its position in shares of Kinross Gold by 85.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock worth $32,000 after purchasing an additional 589 shares during the period. Brown Brothers Harriman & Co. bought a new position in shares of Kinross Gold during the 3rd quarter valued at about $38,000. Finally, Manchester Capital Management LLC bought a new position in shares of Kinross Gold during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 63.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on KGC shares. Scotiabank lowered their target price on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. UBS Group cut their price target on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Zacks Research cut shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Royal Bank Of Canada lowered their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Finally, ATB Cormark Capital Markets upgraded shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Kinross Gold currently has a consensus rating of "Moderate Buy" and an average target price of $38.43.

Kinross Gold Stock Up 1.4%

KGC stock opened at $33.43 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The stock has a market capitalization of $39.66 billion, a P/E ratio of 12.66, a P/E/G ratio of 0.89 and a beta of 0.78. Kinross Gold Corporation has a fifty-two week low of $19.77 and a fifty-two week high of $39.11. The business has a 50-day moving average of $25.47 and a 200-day moving average of $29.10.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.05. The business had revenue of $2.22 billion for 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 for the quarter was up 29.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. On average, sell-side analysts anticipate that Kinross Gold Corporation will post 2.61 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 3rd. Stockholders of record on Thursday, August 20th will be issued a $0.04 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio (DPR) is 6.06%.

Kinross Gold Company Profile

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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