HighTower Advisors LLC Has $1.23 Million Stock Position in Kinross Gold Corporation $KGC

Key Points

• HighTower Advisors LLC increased its stake in Kinross Gold Corporation by 697.3% in Q1 2023, owning 97,742 shares valued at approximately $1.23 million.
• Kinross Gold reported earnings of $0.44 per share, surpassing expectations, with a year-over-year revenue increase of 41.7% to $1.75 billion.
• The company has declared a quarterly dividend of $0.03 to be paid on September 4th, representing an annual yield of 0.6%.

HighTower Advisors LLC increased its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 697.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,742 shares of the mining company's stock after buying an additional 85,483 shares during the quarter. HighTower Advisors LLC's holdings in Kinross Gold were worth $1,233,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Nuveen LLC acquired a new position in Kinross Gold during the 1st quarter worth approximately $16,288,000. Entropy Technologies LP lifted its position in shares of Kinross Gold by 30.3% in the first quarter. Entropy Technologies LP now owns 644,225 shares of the mining company's stock worth $8,124,000 after purchasing an additional 149,635 shares in the last quarter. Atlas Capital Advisors Inc. boosted its holdings in Kinross Gold by 170.6% during the first quarter. Atlas Capital Advisors Inc. now owns 33,992 shares of the mining company's stock worth $429,000 after purchasing an additional 21,429 shares during the last quarter. PCJ Investment Counsel Ltd. grew its position in Kinross Gold by 108.3% in the first quarter. PCJ Investment Counsel Ltd. now owns 420,230 shares of the mining company's stock valued at $5,297,000 after purchasing an additional 218,450 shares in the last quarter. Finally, Forsta AP Fonden grew its position in Kinross Gold by 181.0% in the first quarter. Forsta AP Fonden now owns 720,400 shares of the mining company's stock valued at $9,075,000 after purchasing an additional 464,000 shares in the last quarter. Institutional investors own 63.69% of the company's stock.

Kinross Gold Stock Performance

Shares of KGC stock traded up $0.71 on Friday, reaching $20.93. The stock had a trading volume of 18,160,247 shares, compared to its average volume of 17,374,006. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. The firm's 50-day moving average is $17.11 and its two-hundred day moving average is $14.71. The firm has a market capitalization of $25.44 billion, a price-to-earnings ratio of 16.88, a P/E/G ratio of 0.69 and a beta of 0.61. Kinross Gold Corporation has a 12 month low of $8.31 and a 12 month high of $20.97.

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. The company had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.52 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold's quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 EPS. On average, research analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 21st. Kinross Gold's dividend payout ratio is presently 9.68%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group increased their price objective 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. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and upped their target price for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Royal Bank Of Canada upped their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. UBS Group assumed coverage on Kinross Gold in a report on Monday, August 4th. They set a "buy" rating and a $20.00 target price on the stock. Finally, Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a report 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $20.07.

About Kinross Gold

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.