CI Investments Inc. Reduces Holdings in Kinross Gold Corporation $KGC

Key Points

• CI Investments Inc. cut its Kinross Gold position by 41.9% in the first quarter, selling 2.6 million shares and leaving it with 3.6 million shares valued at about $110.2 million.
• Kinross Gold reported better-than-expected quarterly earnings of $0.71 per share, beating estimates, while revenue rose 60.8% year over year to $2.37 billion.
• Analysts remain mostly positive despite some lower price targets, with a consensus Moderate Buy rating and an average target price of $37.31; the company also paid a quarterly dividend of $0.04 per share.

CI Investments Inc. lowered its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 41.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,609,284 shares of the mining company's stock after selling 2,605,296 shares during the quarter. CI Investments Inc. owned 0.30% of Kinross Gold worth $110,155,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Kinross Gold by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company's stock valued at $1,433,345,000 after acquiring an additional 148,845 shares in the last quarter. Boston Partners lifted its stake in shares of Kinross Gold by 1.6% in the third quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock worth $1,133,463,000 after acquiring an additional 707,498 shares in the last quarter. FIL Ltd lifted its stake in shares of Kinross Gold by 4.8% in the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after acquiring an additional 1,326,833 shares in the last quarter. Norges Bank purchased a new position in Kinross Gold in the fourth quarter valued at about $518,656,000. Finally, Man Group plc boosted 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 purchasing an additional 5,411,491 shares during the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Trading Up 4.0%

Shares of NYSE KGC opened at $23.42 on Wednesday. The stock's 50 day moving average price is $26.11 and its two-hundred day moving average price is $30.28. Kinross Gold Corporation has a 52-week low of $15.37 and a 52-week high of $39.11. The stock has a market capitalization of $27.79 billion, a P/E ratio of 9.93, a PEG ratio of 0.60 and a beta of 0.78. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter last year, the firm earned $0.30 EPS. The business's revenue was up 60.8% on a year-over-year basis. On average, analysts anticipate that Kinross Gold Corporation will post 2.65 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, May 21st. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold's dividend payout ratio (DPR) is 6.78%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Jefferies Financial Group lowered their price objective on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Royal Bank Of Canada reduced their target price on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Wall Street Zen downgraded shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 24th. Zacks Research lowered shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Finally, Weiss Ratings cut shares of Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Kinross Gold has a consensus rating of "Moderate Buy" and an average target price of $37.31.

Kinross Gold 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.