Goldman Sachs Group Inc. Purchases 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. lifted its position 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. The firm owned 6,949,976 shares of the mining company's stock after acquiring an additional 3,398,687 shares during the period. Goldman Sachs Group Inc. owned approximately 0.57% of Kinross Gold worth $87,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in KGC. Banque Cantonale Vaudoise bought a new stake in shares of Kinross Gold during the 1st quarter worth approximately $55,000. Farther Finance Advisors LLC lifted its holdings in shares of Kinross Gold by 188.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock worth $71,000 after acquiring an additional 3,659 shares during the period. Headlands Technologies LLC bought a new stake in shares of Kinross Gold during the 1st quarter worth approximately $77,000. Bruce G. Allen Investments LLC lifted its holdings in shares of Kinross Gold by 68.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock worth $79,000 after acquiring an additional 2,561 shares during the period. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Kinross Gold by 39.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock worth $80,000 after acquiring an additional 1,787 shares during the period. Institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Up 0.1%

Shares of NYSE KGC opened at $23.29 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. Kinross Gold Corporation has a 52-week low of $8.99 and a 52-week high of $23.65. The firm has a 50 day moving average price of $18.44 and a two-hundred day moving average price of $15.42. The stock has a market cap of $28.30 billion, a P/E ratio of 18.78, a price-to-earnings-growth ratio of 0.77 and a beta of 0.62.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.11. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.52 billion. During the same period in the prior year, the company posted $0.14 EPS. The company's revenue was up 41.7% on a year-over-year basis. As a group, equities analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio is 9.68%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. UBS Group assumed coverage on shares of Kinross Gold in a research note on Monday, August 4th. They issued a "buy" rating and a $20.00 price objective for the company. CIBC increased their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. Canaccord Genuity Group increased their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. Zacks Research downgraded shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Finally, Royal Bank Of Canada increased their price objective on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $20.07.

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.

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