Hsbc Holdings PLC Buys New Holdings in Kinross Gold Corporation $KGC

Key Points

• HSBC Holdings initiated a Kinross Gold position of 38,417 shares worth approximately $905,000 in the second quarter. Institutional investors collectively own 63.69% of the company, with several major firms also establishing new stakes.
• Kinross Gold reported quarterly earnings of $0.71 per share, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company announced a quarterly dividend of $0.04 per share, equal to a 0.5% yield.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average target price of $38.43, compared with a recent price of $29.40.

Hsbc Holdings PLC purchased a new position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 38,417 shares of the mining company's stock, valued at approximately $905,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Kinross Gold in the 4th quarter valued at $518,656,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kinross Gold in the 2nd quarter worth $264,652,000. Legal & General Group Plc bought a new position in shares of Kinross Gold during the 2nd quarter valued at about $244,762,000. The Manufacturers Life Insurance Company purchased a new position in shares of Kinross Gold during the second quarter valued at about $222,974,000. Finally, Deutsche Bank AG purchased a new position in shares of Kinross Gold during the second quarter valued at about $217,800,000. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Price Performance

NYSE:KGC opened at $29.40 on Wednesday. The firm has a market capitalization of $34.83 billion, a price-to-earnings ratio of 11.14, a PEG ratio of 0.83 and a beta of 0.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The business has a 50 day simple moving average of $25.96 and a 200-day simple moving average of $29.03. Kinross Gold Corporation has a 1 year low of $20.83 and a 1 year high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.Kinross Gold's quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.44 EPS. Equities analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold's dividend payout ratio (DPR) is 6.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating in a research report on Friday, July 31st. Scotiabank reduced their price objective on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings cut Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. UBS Group lowered their target price on Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Jefferies Financial Group reduced their price target on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.43.

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.

Want to see what other hedge funds are holding KGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source