Citigroup Inc. Purchases 109,167 Shares of Kinross Gold Corporation (NYSE:KGC)

Key Points

• Citigroup Inc. increased its stake in Kinross Gold Corporation by 15.9%, owning 794,311 shares valued at approximately $10 million after acquiring 109,167 additional shares in the first quarter.
• Kinross Gold reported a 41.7% year-over-year increase in quarterly revenue, reaching $1.75 billion, and earnings per share of $0.44, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.03 per share, reflecting a dividend yield of 0.6%, with a payout ratio of 9.68%.

Citigroup Inc. lifted its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 15.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 794,311 shares of the mining company's stock after acquiring an additional 109,167 shares during the period. Citigroup Inc. owned 0.06% of Kinross Gold worth $10,006,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Maryland State Retirement & Pension System raised its position in shares of Kinross Gold by 2.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 493,513 shares of the mining company's stock worth $6,216,000 after acquiring an additional 11,823 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Kinross Gold in the 1st quarter worth $77,000. Ontario Teachers Pension Plan Board raised its position in shares of Kinross Gold by 30.6% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 359,976 shares of the mining company's stock worth $4,536,000 after acquiring an additional 84,447 shares in the last quarter. Deutsche Bank AG raised its position in shares of Kinross Gold by 7.6% in the 1st quarter. Deutsche Bank AG now owns 5,098,322 shares of the mining company's stock worth $64,290,000 after acquiring an additional 359,461 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. bought a new position in shares of Kinross Gold in the 1st quarter worth $958,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Stock Up 2.3%

Kinross Gold stock opened at $19.32 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The business's 50-day simple moving average is $16.24 and its two-hundred day simple moving average is $14.11. The company has a market cap of $23.48 billion, a PE ratio of 15.58, a PEG ratio of 0.63 and a beta of 0.55. Kinross Gold Corporation has a fifty-two week low of $8.31 and a fifty-two week high of $19.45.

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 for the quarter, beating the consensus estimate of $0.33 by $0.11. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%. The company's quarterly revenue was up 41.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.14 EPS. Equities analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a $0.03 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.6%. Kinross Gold's dividend payout ratio is presently 9.68%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Scotiabank boosted their target price on Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 18th. UBS Group initiated coverage on Kinross Gold in a research note on Monday, August 4th. They set a "buy" rating and a $20.00 target price on the stock. Finally, Royal Bank Of Canada boosted their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $20.07.

Kinross Gold 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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