Amundi Buys 909,010 Shares of Kinross Gold Corporation $KGC

Key Points

• Amundi increased its stake in Kinross Gold Corporation by 15.7%, acquiring an additional 909,010 shares, bringing its total ownership to approximately 6.7 million shares valued at $85 million.
• Kinross Gold reported a 41.7% year-over-year revenue increase of $1.75 billion for the latest quarter and earnings per share of $0.44, exceeding analyst expectations.
• The company also announced a quarterly dividend of $0.03 per share with an annual yield of 0.5%, reflecting a dividend payout ratio of 9.68%.

Amundi raised its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 15.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,703,499 shares of the mining company's stock after acquiring an additional 909,010 shares during the quarter. Amundi owned about 0.54% of Kinross Gold worth $85,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of KGC. Boston Partners boosted its stake in Kinross Gold by 36.5% in the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after acquiring an additional 12,705,061 shares during the last quarter. Man Group plc boosted its position in shares of Kinross Gold by 174.2% during the fourth quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after purchasing an additional 5,871,904 shares in the last quarter. Artemis Investment Management LLP boosted its position in shares of Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after purchasing an additional 5,400,447 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Kinross Gold during the first quarter worth $33,877,000. Finally, Merewether Investment Management LP acquired a new stake in shares of Kinross Gold during the fourth quarter worth $23,765,000. 63.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

KGC has been the topic of a number of research analyst reports. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and raised their price objective for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 price target on the stock in a research note on Monday, June 30th. Canaccord Genuity Group lifted their price target on shares of Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a research note on Thursday, August 7th. CIBC lifted their price target on shares of Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. Finally, Zacks Research lowered shares of Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Kinross Gold presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.07.

Kinross Gold Stock Performance

Shares of Kinross Gold stock traded up $0.03 during trading on Friday, hitting $23.29. 11,872,373 shares of the stock were exchanged, compared to its average volume of 15,907,563. The stock has a market capitalization of $28.30 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 0.77 and a beta of 0.62. The company has a fifty day moving average price of $18.44 and a 200-day moving average price of $15.42. Kinross Gold Corporation has a 1-year low of $8.99 and a 1-year high of $23.65. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.11. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.52 billion. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. Kinross Gold's revenue for the quarter was up 41.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. As a group, equities analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

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

Kinross Gold Company Profile

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.