Forsta AP Fonden Boosts Holdings in Kinross Gold Corporation (NYSE:KGC)

Key Points

• Forsta AP Fonden increased its stake in Kinross Gold Corporation by 181% in the first quarter, acquiring an additional 464,000 shares, bringing its total to 720,400 shares valued at approximately $9.07 million.
• Analyst ratings for Kinross Gold have improved, with Jefferies Financial Group upgrading the stock from "hold" to "buy" and setting a new target price of $18.00, while the consensus price target across analysts is currently $20.07.
• Kinross Gold reported strong quarterly earnings with an EPS of $0.44, exceeding analysts' expectations, and announced a quarterly dividend of $0.03, representing an annual yield of 0.6%.

Forsta AP Fonden raised its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 181.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 720,400 shares of the mining company's stock after buying an additional 464,000 shares during the period. Forsta AP Fonden owned about 0.06% of Kinross Gold worth $9,075,000 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 KGC. Public Employees Retirement System of Ohio increased its stake in shares of Kinross Gold by 8.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock worth $2,204,000 after purchasing an additional 18,135 shares in the last quarter. State of Wyoming grew its stake in Kinross Gold by 56.5% during the 4th quarter. State of Wyoming now owns 120,777 shares of the mining company's stock valued at $1,120,000 after acquiring an additional 43,595 shares in the last quarter. Hsbc Holdings PLC grew its stake in Kinross Gold by 77.7% during the 4th quarter. Hsbc Holdings PLC now owns 2,230,858 shares of the mining company's stock valued at $20,587,000 after acquiring an additional 975,147 shares in the last quarter. Artemis Investment Management LLP grew its stake in Kinross Gold by 365.8% during the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after acquiring an additional 5,400,447 shares in the last quarter. Finally, Bessemer Group Inc. grew its stake in Kinross Gold by 264.7% during the 1st quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock valued at $1,960,000 after acquiring an additional 112,800 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Kinross Gold Stock Down 1.4%

Shares of NYSE:KGC traded down $0.27 during trading hours on Wednesday, reaching $19.06. The stock had a trading volume of 20,953,207 shares, compared to its average volume of 21,004,541. Kinross Gold Corporation has a 1 year low of $8.31 and a 1 year high of $19.45. The firm's 50 day moving average is $16.01 and its 200-day moving average is $13.96. 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 stock has a market capitalization of $23.23 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 0.64 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the prior year, the firm posted $0.14 EPS. The company's quarterly revenue was up 41.7% compared to the same quarter last year. Research analysts predict that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a $0.03 dividend. The ex-dividend date of this dividend 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 currently 9.68%.

Analyst Upgrades and Downgrades

KGC has been the subject of several research reports. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Canaccord Genuity Group upped their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Scotiabank upped their price objective on shares of Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 8th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price objective for the company in a research note on Monday, June 30th. Finally, Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and upped their price objective for the company from $14.00 to $18.00 in a research note on Thursday, June 26th. Two research 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average 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.