Gabelli Funds LLC Reduces Holdings in Kinross Gold Corporation $KGC

Key Points

• Gabelli Funds LLC reduced its holdings in Kinross Gold Corporation by 8.3%, now owning approximately 4.5 million shares valued at $57.18 million.
• A variety of hedge funds have adjusted their positions in Kinross Gold, with Northern Trust Corp significantly increasing its stake by 80.5% during the fourth quarter.
• Analysts have set a consensus price target of $20.07 for Kinross Gold, with ratings ranging from Strong Buy to Hold after strong quarterly earnings surpassing estimates.

Gabelli Funds LLC lessened its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 8.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,534,400 shares of the mining company's stock after selling 412,300 shares during the period. Gabelli Funds LLC owned 0.37% of Kinross Gold worth $57,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. FORA Capital LLC acquired a new position in Kinross Gold in the first quarter valued at $1,869,000. Harvest Portfolios Group Inc. boosted its stake in shares of Kinross Gold by 6.7% during the first quarter. Harvest Portfolios Group Inc. now owns 50,545 shares of the mining company's stock worth $637,000 after buying an additional 3,184 shares during the period. ICONIQ Capital LLC boosted its stake in shares of Kinross Gold by 20.7% during the first quarter. ICONIQ Capital LLC now owns 12,530 shares of the mining company's stock worth $158,000 after buying an additional 2,146 shares during the period. Campbell & CO Investment Adviser LLC boosted its stake in shares of Kinross Gold by 20.0% during the first quarter. Campbell & CO Investment Adviser LLC now owns 141,271 shares of the mining company's stock worth $1,781,000 after buying an additional 23,557 shares during the period. Finally, Quantitative Investment Management LLC boosted its stake in shares of Kinross Gold by 187.4% during the first quarter. Quantitative Investment Management LLC now owns 56,076 shares of the mining company's stock worth $707,000 after buying an additional 36,565 shares during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Price Performance

Kinross Gold stock traded up $0.71 during mid-day trading on Friday, reaching $20.93. The company had a trading volume of 18,160,247 shares, compared to its average volume of 17,416,340. Kinross Gold Corporation has a 1 year low of $8.31 and a 1 year high of $20.97. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The company has a market capitalization of $25.44 billion, a P/E ratio of 16.88, a P/E/G ratio of 0.69 and a beta of 0.55. The stock's 50-day simple moving average is $17.11 and its 200-day simple moving average is $14.69.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (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 during the quarter, compared to analysts' expectations of $1.52 billion. During the same period last year, the company posted $0.14 earnings per share. The firm's quarterly revenue was up 41.7% compared to the same quarter last year. On average, equities analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

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 issued 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 yield of 0.6%. Kinross Gold's dividend payout ratio (DPR) is 9.68%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on KGC shares. CIBC increased their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. UBS Group started coverage on shares of Kinross Gold in a research note on Monday, August 4th. They set a "buy" rating and a $20.00 target price for the company. Scotiabank increased their target price on shares of Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. Canaccord Genuity Group increased their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a research note on Monday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold currently has an average rating of "Buy" and an average price target of $20.07.

Kinross Gold Company 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.