Kinross Gold Corporation $KGC is Van ECK Associates Corp's 4th Largest Position

Key Points

• Van ECK Associates increased its Q3 stake in Kinross by 7.8% to 107,960,623 shares (≈8.92% of the company), making Kinross its 4th-largest position valued at about $2.68 billion.
• Kinross beat quarterly EPS estimates ($0.67 vs. $0.55), reported revenue of $2.01 billion (up 42.9% year-over-year), and declared a quarterly dividend of $0.04 (annualized $0.16, ~0.5% yield).
• Institutional ownership is high (~63.7%), and analysts are generally positive with a consensus "Moderate Buy" and an average price target of $36.31, while some firms have issued higher targets (e.g., Scotiabank to $45).

Van ECK Associates Corp lifted its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 7.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,960,623 shares of the mining company's stock after purchasing an additional 7,825,336 shares during the quarter. Kinross Gold accounts for approximately 2.5% of Van ECK Associates Corp's holdings, making the stock its 4th biggest position. Van ECK Associates Corp owned approximately 8.92% of Kinross Gold worth $2,682,791,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Kinross Gold by 3.2% during the 3rd quarter. Vanguard Group Inc. now owns 50,738,541 shares of the mining company's stock valued at $1,259,280,000 after acquiring an additional 1,553,594 shares during the last quarter. Norges Bank purchased a new stake in shares of Kinross Gold in the 2nd quarter worth $389,025,000. Man Group plc raised its stake in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock worth $261,646,000 after buying an additional 5,411,491 shares during the period. Geode Capital Management LLC raised its stake in Kinross Gold by 21.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,639,787 shares of the mining company's stock worth $172,571,000 after acquiring an additional 1,876,764 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Kinross Gold by 33.3% during the 3rd quarter. Legal & General Group Plc now owns 9,837,752 shares of the mining company's stock valued at $244,212,000 after buying an additional 2,456,163 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on KGC. Desjardins began coverage on shares of Kinross Gold in a research note on Friday, November 28th. They issued a "buy" rating on the stock. Canadian Imperial Bank of Commerce set a $54.00 price target on Kinross Gold in a report on Wednesday, February 4th. Weiss Ratings reaffirmed a "buy (a)" rating on shares of Kinross Gold in a research note on Wednesday, January 28th. Jefferies Financial Group reaffirmed a "buy" rating and set a $33.00 price objective on shares of Kinross Gold in a report on Sunday, December 7th. Finally, Scotiabank raised their target price on shares of Kinross Gold from $32.00 to $45.00 and gave the company an "outperform" rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.31.

Kinross Gold Price Performance

Kinross Gold stock opened at $32.54 on Tuesday. Kinross Gold Corporation has a 12-month low of $10.42 and a 12-month high of $39.11. The company has a current ratio of 2.35, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $33.54 and a 200-day moving average price of $27.93. The firm has a market capitalization of $39.05 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.59 and a beta of 0.73.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings results on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.55 by $0.12. The company had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.05 billion. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm's revenue was up 42.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 EPS. As a group, equities research analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be issued a $0.04 dividend. The ex-dividend date is Wednesday, March 11th. This is a positive change from Kinross Gold's previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold's dividend payout ratio (DPR) is currently 7.14%.

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.

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