Kinross Gold Corporation $KGC Position Increased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management increased its Kinross Gold stake by 5,248.4% in the second quarter, bringing its holdings to 358,559 shares valued at approximately $8.47 million. Institutional investors collectively own 63.69% of the company.
• Kinross 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. Analysts expect full-year earnings of $2.61 per share.
• The company paid a quarterly dividend of $0.04 per share, equivalent to a $0.16 annualized payout and a 0.5% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $38.43.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 5,248.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 358,559 shares of the mining company's stock after purchasing an additional 351,855 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in Kinross Gold were worth $8,469,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Kinross Gold during the fourth quarter valued at $518,656,000. Man Group plc bought a new position in shares of Kinross Gold during the second quarter worth about $298,152,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Kinross Gold during the second quarter worth about $264,652,000. Legal & General Group Plc acquired a new stake in shares of Kinross Gold in the 2nd quarter worth about $244,762,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Kinross Gold in the 2nd quarter worth about $222,974,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $30.87 on Tuesday. The stock has a market cap of $36.57 billion, a P/E ratio of 11.69, a P/E/G ratio of 0.83 and a beta of 0.84. The firm's 50-day simple moving average is $26.52 and its 200 day simple moving average is $28.95. Kinross Gold Corporation has a fifty-two week low of $21.61 and a fifty-two week high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.66 by $0.05. The company had revenue of $2.22 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 29.5% on a year-over-year basis. During the same period last year, the company posted $0.44 earnings per share. Equities analysts expect that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Zacks Research downgraded shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. Weiss Ratings cut Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Wall Street Zen downgraded Kinross Gold from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, ATB Cormark Capital Markets raised Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Kinross Gold has a consensus rating of "Moderate Buy" and a consensus price target of $38.43.

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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