Invenomic Capital Management LP Sells 256,842 Shares of Kinross Gold Corporation $KGC

Key Points

• Invenomic Capital Management LP reduced its stake in Kinross Gold by 20%, selling 256,842 shares, and currently holds 1,029,943 shares valued at approximately $12.99 million.
• Kinross Gold's recent quarterly earnings report showed an EPS of $0.44 which exceeds analysts' expectations of $0.33, marking a 41.7% year-over-year revenue increase to $1.75 billion.
• The company declared a quarterly dividend of $0.03 per share, resulting in an annualized yield of 0.6%, with a low payout ratio of 9.68%.

Invenomic Capital Management LP reduced its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 20.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,029,943 shares of the mining company's stock after selling 256,842 shares during the period. Invenomic Capital Management LP owned about 0.08% of Kinross Gold worth $12,988,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its position in shares of Kinross Gold by 8.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock worth $2,204,000 after acquiring an additional 18,135 shares in the last quarter. Sprott Inc. lifted its stake in Kinross Gold by 1.7% in the first quarter. Sprott Inc. now owns 2,932,567 shares of the mining company's stock valued at $36,976,000 after buying an additional 48,905 shares during the period. State of Wyoming lifted its stake in Kinross Gold by 56.5% in the fourth quarter. State of Wyoming now owns 120,777 shares of the mining company's stock valued at $1,120,000 after buying an additional 43,595 shares during the period. Artemis Investment Management LLP lifted its stake in Kinross Gold by 365.8% in the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after buying an additional 5,400,447 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Kinross Gold by 264.7% in the first quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock valued at $1,960,000 after buying an additional 112,800 shares during the period. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Stock Down 1.4%

Shares of NYSE:KGC opened at $21.52 on Friday. The company has a market capitalization of $26.15 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 0.72 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The business has a fifty day moving average price of $17.58 and a two-hundred day moving average price of $14.94. Kinross Gold Corporation has a 1 year low of $8.31 and a 1 year high of $22.03.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data 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. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the company earned $0.14 EPS. The business's revenue for the quarter was up 41.7% on a year-over-year basis. Analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were paid a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold's payout ratio is 9.68%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on KGC shares. CIBC boosted their price target on Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. Royal Bank Of Canada boosted their price target on Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. UBS Group assumed coverage on Kinross Gold in a research note on Monday, August 4th. They issued a "buy" rating and a $20.00 price target on the stock. Canaccord Genuity Group upped their target price on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate 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.

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