Gabelli Funds LLC Sells 843,800 Shares of Kinross Gold Corporation $KGC

Key Points

• Gabelli Funds LLC cut its Kinross Gold position by 22.2% in the fourth quarter, selling 843,800 shares and leaving it with 2,953,700 shares worth about $83.2 million.
• Kinross reported solid quarterly results, with EPS of $0.71 beating estimates and revenue up 60.8% year over year, while analysts now expect 2.92 EPS for the current fiscal year.
• Sentiment is mixed: several analysts have raised price targets or ratings, but Zacks downgraded the stock to Hold and near-term trading has been pressured by weaker gold prices and a drop below the 50-day moving average.

Gabelli Funds LLC lowered its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 22.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,953,700 shares of the mining company's stock after selling 843,800 shares during the period. Gabelli Funds LLC owned approximately 0.25% of Kinross Gold worth $83,176,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Turning Point Benefit Group Inc. raised its stake in shares of Kinross Gold by 6.6% during the fourth quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company's stock valued at $178,000 after acquiring an additional 393 shares in the last quarter. Armstrong Advisory Group Inc. raised its stake in shares of Kinross Gold by 32.9% during the fourth quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company's stock valued at $55,000 after acquiring an additional 483 shares in the last quarter. Laird Norton Wetherby Wealth Management LLC raised its stake in shares of Kinross Gold by 2.1% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company's stock valued at $629,000 after acquiring an additional 521 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Kinross Gold by 1.8% during the third quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company's stock valued at $799,000 after acquiring an additional 565 shares in the last quarter. Finally, Cadence Wealth Management LLC raised its stake in shares of Kinross Gold by 1.3% during the third quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company's stock valued at $1,149,000 after acquiring an additional 581 shares in the last quarter. Institutional investors own 63.69% of the company's stock.

Kinross Gold News Roundup

Here are the key news stories impacting Kinross Gold this week:

• Positive Sentiment: Analysts are raising earnings estimates across several future periods, reflecting better profit expectations for Kinross Gold. Article Title
• Positive Sentiment: Strong cash flow, project growth, and a solid balance sheet may help cushion the stock during periods of softer gold prices. Article Title
• Neutral Sentiment: Zacks Research maintained a Hold rating while lifting forecasts, which supports the outlook but does not amount to a bullish upgrade.
• Neutral Sentiment: The stock’s long-term performance has been very strong, but recent volatility has made valuation and timing questions more important for investors. Article Title
• Negative Sentiment: Weakness in gold prices and a break below the 50-day SMA are weighing on near-term trading sentiment for Kinross Gold.

Kinross Gold Stock Performance

Shares of KGC stock opened at $28.40 on Monday. The firm has a market cap of $33.87 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.02 and a beta of 0.73. The company's 50 day moving average is $31.23 and its 200 day moving average is $30.49. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 52-week low of $13.34 and a 52-week high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. Kinross Gold's revenue was up 60.8% compared to the same quarter last year. During the same period last year, the company posted $0.30 earnings per share. On average, sell-side analysts anticipate that Kinross Gold Corporation will post 2.92 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Thursday, May 21st will be issued a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, May 21st. Kinross Gold's dividend payout ratio (DPR) is presently 6.78%.

Analyst Ratings Changes

Several analysts have recently weighed in on KGC shares. Canadian Imperial Bank of Commerce set a $54.00 price target on shares of Kinross Gold in a research note on Wednesday, February 4th. Zacks Research downgraded shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Friday, January 23rd. Wall Street Zen raised shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Saturday. UBS Group decreased their price target on shares of Kinross Gold from $43.00 to $37.00 and set a "buy" rating for the company in a research note on Friday, March 27th. Finally, ATB Cormark Capital Markets raised shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $38.81.

Kinross Gold 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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