Cardinal Point Capital Management ULC Cuts Position in Kinross Gold Corporation $KGC

Key Points

• Cardinal Point Capital Management ULC reduced its holdings in Kinross Gold Corporation by 41.2%, now owning 19,850 shares valued at approximately $310,000 after selling 13,900 shares.
• Several institutional investors have increased their stakes in Kinross Gold, including Boston Partners, which raised its position by 36.5%, and Artemis Investment Management LLP, which boosted its holdings by 365.8%.
• Research analysts have generally provided positive ratings for Kinross Gold, with multiple analysts upgrading the stock to a "strong-buy" rating and an average target price rise to $27.56.

Cardinal Point Capital Management ULC decreased its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 41.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,850 shares of the mining company's stock after selling 13,900 shares during the quarter. Cardinal Point Capital Management ULC's holdings in Kinross Gold were worth $310,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KGC. Boston Partners raised its position in Kinross Gold by 36.5% in the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after purchasing an additional 12,705,061 shares during the period. Artemis Investment Management LLP boosted its holdings in Kinross Gold by 365.8% in the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after purchasing an additional 5,400,447 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Kinross Gold by 95.7% in the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock valued at $87,639,000 after purchasing an additional 3,398,687 shares during the period. AustralianSuper Pty Ltd purchased a new position in Kinross Gold in the first quarter valued at $33,877,000. Finally, Ninety One SA PTY Ltd purchased a new position in Kinross Gold in the first quarter valued at $28,898,000. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Zacks Research upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Friday, October 17th. Canaccord Genuity Group boosted their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a "buy (a-)" rating on shares of Kinross Gold in a research note on Wednesday, October 8th. TD Securities boosted their target price on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a "buy" rating in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Kinross Gold presently has a consensus rating of "Buy" and an average target price of $27.56.

Kinross Gold Stock Performance

NYSE KGC opened at $23.95 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. Kinross Gold Corporation has a 1 year low of $8.99 and a 1 year high of $27.84. The company has a market capitalization of $28.97 billion, a PE ratio of 19.31, a P/E/G ratio of 0.47 and a beta of 0.64. The company has a fifty day moving average of $23.07 and a two-hundred day moving average of $18.05.

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

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were paid a dividend of $0.03 per share. The ex-dividend date was Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio is 9.68%.

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.

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