Freedom Investment Management Inc. Sells 12,450 Shares of Kinross Gold Corporation $KGC

Key Points

• Freedom Investment Management Inc. reduced its shares in Kinross Gold Corporation by 21.0%, ending the first quarter with 46,874 shares valued at approximately $591,000.
• Several hedge funds, including Vanguard Group Inc. and Boston Partners, increased their stakes in Kinross Gold, indicating strong institutional interest in the company.
• Kinross Gold reported a robust earnings quarter with an EPS of $0.44, significantly surpassing the consensus estimate of $0.33, alongside a year-over-year revenue increase of 41.7%.

Freedom Investment Management Inc. reduced its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 21.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,874 shares of the mining company's stock after selling 12,450 shares during the period. Freedom Investment Management Inc.'s holdings in Kinross Gold were worth $591,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio increased its holdings in shares of Kinross Gold by 8.3% in 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 during the last quarter. Sprott Inc. increased its stake in Kinross Gold by 1.7% in the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company's stock worth $36,976,000 after acquiring an additional 48,905 shares during the last quarter. State of Wyoming increased its stake in Kinross Gold by 56.5% in the 4th quarter. State of Wyoming now owns 120,777 shares of the mining company's stock worth $1,120,000 after acquiring an additional 43,595 shares during the last quarter. Artemis Investment Management LLP increased its stake in Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after acquiring an additional 5,400,447 shares during the last quarter. Finally, Bessemer Group Inc. increased its stake in Kinross Gold by 264.7% in the 1st quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock worth $1,960,000 after acquiring an additional 112,800 shares during the last quarter. 63.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Scotiabank boosted their price target on shares of Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 8th. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and boosted their target price for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a report on Monday, June 30th. CIBC boosted their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada boosted their price objective 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 investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $20.07.

Kinross Gold Trading Up 3.5%

NYSE:KGC traded up $0.71 during mid-day trading on Friday, hitting $20.93. 18,160,247 shares of the stock traded hands, compared to its average volume of 17,416,340. The stock has a market capitalization of $25.44 billion, a price-to-earnings ratio of 16.88, a PEG ratio of 0.69 and a beta of 0.55. The firm's 50 day moving average is $17.11 and its two-hundred day moving average is $14.69. Kinross Gold Corporation has a 52 week low of $8.31 and a 52 week high of $20.97. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. The firm had revenue of $1.75 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 earnings per share. On average, equities research analysts predict that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

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

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.