First Eagle Investment Management LLC Sells 726,000 Shares of Kinross Gold Corporation $KGC

Key Points

• First Eagle Investment Management reduced its Kinross Gold stake by 10.2%, selling 726,000 shares during the second quarter. It still held 6.41 million shares, worth approximately $151.5 million, while institutional investors collectively owned 63.69% of the company.
• Analysts maintain a generally positive outlook, with Kinross receiving a consensus “Moderate Buy” rating and an average price target of $38.43. However, some firms recently lowered their targets, while ratings ranged from Strong Buy to Sell.
• Kinross reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company also paid a quarterly dividend of $0.04 per share, equivalent to an annualized yield of about 0.5%.

First Eagle Investment Management LLC decreased its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,414,993 shares of the mining company's stock after selling 726,000 shares during the period. First Eagle Investment Management LLC owned about 0.54% of Kinross Gold worth $151,522,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Continuum Advisory LLC purchased a new position in Kinross Gold during the 2nd quarter worth $26,000. Virtus Advisers LLC bought a new stake in shares of Kinross Gold in the 3rd quarter worth $28,000. Ascentis Independent Advisors purchased a new stake in shares of Kinross Gold in the first quarter valued at about $29,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock valued at $32,000 after purchasing an additional 589 shares during the last quarter. Finally, Caitlin John LLC lifted its position in shares of Kinross Gold by 42.1% during the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company's stock valued at $32,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 63.69% of the company's stock.

Wall Street Analysts Forecast Growth

KGC has been the topic of several analyst reports. Wall Street Zen cut shares of Kinross Gold from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. Scotiabank reduced their target price on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. ATB Cormark Capital Markets raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, July 31st. Finally, Royal Bank Of Canada dropped their price target on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. One 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. Based on data from MarketBeat, Kinross Gold has an average rating of "Moderate Buy" and a consensus target price of $38.43.

Kinross Gold Price Performance

Shares of NYSE:KGC opened at $30.87 on Monday. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $36.57 billion, a PE ratio of 11.69, a P/E/G ratio of 0.83 and a beta of 0.84. Kinross Gold Corporation has a twelve month low of $21.61 and a twelve month high of $39.11. The company has a 50-day moving average price of $26.38 and a two-hundred day moving average price of $28.97.

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

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Kinross Gold's payout ratio is presently 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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