Goldman Sachs Group Inc. Acquires 3,398,687 Shares of Kinross Gold Corporation $KGC

Key Points

• Goldman Sachs Group Inc. increased its stake in Kinross Gold Corporation by 95.7% in Q1, acquiring an additional 3,398,687 shares, bringing their total to approximately 6.95 million shares worth $87.6 million.
• Kinross Gold Corporation reported a 41.7% year-over-year increase in revenue, with quarterly earnings per share of $0.44, surpassing estimates of $0.33.
• The company announced a quarterly dividend of $0.03 per share, representing an annualized dividend yield of 0.5%, with a low payout ratio of 9.68%.

Goldman Sachs Group Inc. raised its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 95.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,949,976 shares of the mining company's stock after buying an additional 3,398,687 shares during the quarter. Goldman Sachs Group Inc. owned about 0.57% of Kinross Gold worth $87,639,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in KGC. Banque Cantonale Vaudoise purchased a new stake in Kinross Gold during the 1st quarter valued at approximately $55,000. Farther Finance Advisors LLC grew its holdings in shares of Kinross Gold by 188.6% in the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after purchasing an additional 3,659 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Kinross Gold in the first quarter valued at $77,000. Bruce G. Allen Investments LLC grew its holdings in shares of Kinross Gold by 68.6% in the first quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock valued at $79,000 after purchasing an additional 2,561 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in shares of Kinross Gold by 39.3% in the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after purchasing an additional 1,787 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. CIBC raised their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. Zacks Research lowered shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a report on Monday, September 1st. Royal Bank Of Canada raised their target price on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Jefferies Financial Group raised shares of Kinross Gold from a "hold" rating to a "buy" rating and raised their target price for the company from $14.00 to $18.00 in a report on Thursday, June 26th. Finally, Canaccord Genuity Group raised their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $20.07.

Kinross Gold Trading Down 2.2%

Shares of NYSE:KGC traded down $0.52 on Tuesday, hitting $22.74. 11,718,797 shares of the company's stock were exchanged, compared to its average volume of 15,468,629. Kinross Gold Corporation has a 12 month low of $8.99 and a 12 month high of $23.65. The stock has a market capitalization of $27.64 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 0.75 and a beta of 0.62. The business's 50 day simple moving average is $18.74 and its two-hundred day simple moving average is $15.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the company earned $0.14 earnings per share. The business's revenue for the quarter was up 41.7% compared to the same quarter last year. Analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is 9.68%.

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.