Kinross Gold Corporation $KGC Position Cut by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC cut its Kinross Gold stake by 32.8% in the first quarter, selling 968,500 shares and leaving it with 1,985,200 shares valued at about $60.6 million.
• Wall Street remains broadly positive on KGC, with analysts assigning a “Moderate Buy” consensus and an average price target of $37.31, despite a few recent target cuts.
• Kinross reported strong quarterly results, posting EPS of $0.71 versus estimates of $0.68 and revenue up 60.8% year over year, while also paying a quarterly dividend of $0.04 per share.

Gabelli Funds LLC decreased its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 32.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,985,200 shares of the mining company's stock after selling 968,500 shares during the quarter. Gabelli Funds LLC owned about 0.17% of Kinross Gold worth $60,588,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in shares of Kinross Gold in the 4th quarter worth about $26,000. Financial Management Professionals Inc. bought a new position in Kinross Gold in the 4th quarter worth about $26,000. Virtus Advisers LLC acquired a new stake in shares of Kinross Gold in the third quarter valued at approximately $28,000. Ascentis Independent Advisors acquired a new stake in shares of Kinross Gold in the first quarter valued at approximately $29,000. Finally, Harvest Fund Management Co. Ltd increased its stake in shares of Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock valued at $32,000 after purchasing an additional 589 shares during the period. Institutional investors own 63.69% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on KGC. Weiss Ratings downgraded Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Royal Bank Of Canada lowered their target price on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Scotiabank cut their target price 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. Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Finally, Jefferies Financial Group decreased their price target on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $37.31.

Kinross Gold Stock Performance

KGC opened at $23.86 on Friday. The firm has a market cap of $28.30 billion, a PE ratio of 10.11, a P/E/G ratio of 0.64 and a beta of 0.78. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The business has a fifty day simple moving average of $25.74 and a 200-day simple moving average of $30.17. Kinross Gold Corporation has a fifty-two week low of $15.37 and a fifty-two week high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.Kinross Gold's revenue for the quarter was up 60.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. As a group, equities analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Thursday, May 21st. Kinross Gold's payout ratio is 6.78%.

Kinross Gold Profile

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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