Gamco Investors INC. ET AL Sells 89,400 Shares of Kinross Gold Corporation $KGC

Key Points

• Gamco Investors cut its Kinross Gold position by 17.7% in the first quarter, selling 89,400 shares and leaving it with 416,500 shares worth about $12.7 million.
• Kinross Gold recently beat quarterly earnings expectations, reporting $0.71 EPS versus the $0.68 consensus, with revenue up 60.8% year over year to $2.37 billion.
• Analyst sentiment remains constructive overall, with a Moderate Buy consensus and an average target price of $37.31, though several firms have trimmed targets recently.

Gamco Investors INC. ET AL lessened its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 17.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 416,500 shares of the mining company's stock after selling 89,400 shares during the quarter. Gamco Investors INC. ET AL's holdings in Kinross Gold were worth $12,712,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC bought a new position in Kinross Gold in the fourth quarter worth $26,000. Financial Management Professionals Inc. acquired a new stake in Kinross Gold during the fourth quarter worth $26,000. Virtus Advisers LLC bought a new stake in Kinross Gold in the 3rd quarter valued at $28,000. Ascentis Independent Advisors bought a new stake in Kinross Gold in the 1st quarter valued at $29,000. Finally, Harvest Fund Management Co. Ltd increased its holdings in Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock valued at $32,000 after buying an additional 589 shares during the period. 63.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wall Street Zen downgraded shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a report on Sunday, May 24th. Jefferies Financial Group lowered their target price on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Scotiabank dropped their price target on shares of Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a research report on Tuesday, July 14th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. Finally, Weiss Ratings downgraded Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.31.

Kinross Gold Stock Up 0.8%

Shares of NYSE:KGC opened at $23.86 on Friday. Kinross Gold Corporation has a 52 week low of $15.37 and a 52 week high of $39.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84. The company's fifty day moving average is $25.74 and its 200-day moving average is $30.17. The company has a market capitalization of $28.30 billion, a PE ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 0.78.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The firm's revenue for the quarter was up 60.8% on a year-over-year basis. During the same quarter last year, the company posted $0.30 EPS. Equities research analysts predict that Kinross Gold Corporation will post 2.65 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. Kinross Gold's dividend payout ratio (DPR) is presently 6.78%.

About Kinross Gold

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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