Kinross Gold Corporation $KGC Holdings Cut by IFP Advisors Inc

Key Points

• IFP Advisors cut its Kinross Gold stake by 55.7% in the second quarter, selling 285,694 shares and retaining 227,680 shares valued at approximately $5.38 million.
• 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 also declared a $0.04 quarterly dividend, yielding about 0.5% annually.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $38.43, compared with the reported share price of $30.24.

IFP Advisors Inc lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 55.7% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 227,680 shares of the mining company's stock after selling 285,694 shares during the period. IFP Advisors Inc's holdings in Kinross Gold were worth $5,378,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Allianz Asset Management GmbH raised its holdings in shares of Kinross Gold by 17.0% during the 2nd quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company's stock valued at $227,141,000 after purchasing an additional 1,395,576 shares in the last quarter. U S Global Investors Inc. lifted its position in shares of Kinross Gold by 95.4% in the first quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company's stock worth $5,962,000 after buying an additional 95,363 shares during the last quarter. SteelPeak Wealth LLC bought a new stake in shares of Kinross Gold during the 1st quarter worth about $2,263,000. TD Asset Management Inc boosted its stake in shares of Kinross Gold by 4.7% during the 4th quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company's stock worth $165,814,000 after acquiring an additional 261,861 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in shares of Kinross Gold during the 2nd quarter valued at about $217,800,000. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Stock Performance

KGC opened at $30.24 on Thursday. The stock's 50 day simple moving average is $26.79 and its 200-day simple moving average is $28.90. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $35.82 billion, a PE ratio of 11.45, a P/E/G ratio of 0.81 and a beta of 0.84. Kinross Gold Corporation has a 1 year low of $21.94 and a 1 year high of $39.11.

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

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio (DPR) is 6.06%.

Analysts Set New Price Targets

KGC has been the topic of a number of recent analyst reports. Scotiabank cut 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 downgraded Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Royal Bank Of Canada reduced their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Wall Street Zen lowered shares of Kinross Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, UBS Group cut their target price on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.43.

Kinross Gold Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company's operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.

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