Kinross Gold Corporation $KGC Position Boosted by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in Kinross Gold Corporation by 9.0%, holding 302,645 shares valued at $4.73 million by the end of the quarter.
• Kinross Gold reported a quarterly EPS of $0.44, exceeding expectations of $0.33, with revenues reaching $1.75 billion, a 41.7% increase compared to last year.
• The company declared a quarterly dividend of $0.03 per share, translating to an annualized dividend of $0.12 and a yield of 0.5%.

Truist Financial Corp boosted its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 9.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 302,645 shares of the mining company's stock after buying an additional 25,093 shares during the quarter. Truist Financial Corp's holdings in Kinross Gold were worth $4,730,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Kinross Gold by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company's stock worth $603,829,000 after acquiring an additional 561,563 shares in the last quarter. Boston Partners lifted its stake in Kinross Gold by 36.5% during the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock worth $632,797,000 after purchasing an additional 12,705,061 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Kinross Gold by 6.4% during the first quarter. Dimensional Fund Advisors LP now owns 10,022,770 shares of the mining company's stock worth $126,378,000 after purchasing an additional 603,388 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Kinross Gold by 95.7% in the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock worth $87,639,000 after purchasing an additional 3,398,687 shares during the period. Finally, Allianz Asset Management GmbH increased its stake in Kinross Gold by 35.5% during the first quarter. Allianz Asset Management GmbH now owns 6,947,056 shares of the mining company's stock valued at $87,510,000 after purchasing an additional 1,819,165 shares during the last quarter. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Stock Performance

KGC stock opened at $25.25 on Wednesday. The company has a 50-day simple moving average of $21.29 and a 200 day simple moving average of $16.95. The company has a market capitalization of $30.61 billion, a P/E ratio of 20.36, a PEG ratio of 0.81 and a beta of 0.64. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a fifty-two week low of $8.99 and a fifty-two week high of $25.79.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.33 by $0.11. The firm 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% on a year-over-year basis. During the same quarter last year, the company earned $0.14 EPS. Sell-side analysts predict that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, August 21st. This represents a $0.12 annualized dividend and a yield of 0.5%. Kinross Gold's payout ratio is presently 9.68%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on KGC shares. Canaccord Genuity Group raised their price target on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Zacks Research lowered shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. National Bankshares restated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Raymond James Financial raised Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a report on Monday, June 30th. Finally, CIBC increased their price target on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $21.07.

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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