Kinross Gold Corporation $KGC Shares Bought by CIBC Asset Management Inc

Key Points

• CIBC Asset Management boosted its Kinross Gold stake by 14.5% in the fourth quarter, buying 692,176 more shares and bringing its holdings to 5,452,170 shares worth about $153.9 million.
• Kinross Gold reported better-than-expected quarterly earnings of $0.71 per share, with revenue up 60.8% year over year to $2.37 billion, while analysts now expect full-year EPS of 2.92.
• The company also declared a quarterly dividend of $0.04 per share, and Wall Street sentiment remains constructive with a consensus rating of Moderate Buy and a target price of $38.81.

CIBC Asset Management Inc raised its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 14.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,452,170 shares of the mining company's stock after purchasing an additional 692,176 shares during the quarter. CIBC Asset Management Inc owned about 0.45% of Kinross Gold worth $153,850,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Kinross Gold in the 4th quarter valued at about $518,656,000. Van ECK Associates Corp lifted its stake in shares of Kinross Gold by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company's stock valued at $2,682,791,000 after purchasing an additional 7,825,336 shares in the last quarter. Man Group plc lifted its stake in shares of Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company's stock valued at $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Kinross Gold in the 3rd quarter valued at about $80,299,000. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Stock Performance

Kinross Gold stock opened at $28.92 on Wednesday. The stock's 50 day moving average price is $30.67 and its 200 day moving average price is $30.88. The firm has a market capitalization of $34.49 billion, a PE ratio of 12.26, a price-to-earnings-growth ratio of 1.04 and a beta of 0.71. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84. Kinross Gold Corporation has a one year low of $14.71 and a one year high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the previous year, the company posted $0.30 EPS. Kinross Gold's revenue for the quarter was up 60.8% on a year-over-year basis. As a group, sell-side analysts expect that Kinross Gold Corporation will post 2.92 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st will be issued a $0.04 dividend. The ex-dividend date is Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Kinross Gold's payout ratio is currently 6.78%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on KGC. UBS Group reduced their price objective on Kinross Gold from $43.00 to $37.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. TD Securities reduced their target price on shares of Kinross Gold from $43.00 to $42.00 and set a "buy" rating on the stock in a report on Tuesday, March 3rd. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, May 1st. Finally, Royal Bank Of Canada upgraded shares of Kinross Gold from a "sector perform" rating to an "outperform" rating and lifted their target price for the company from $36.00 to $45.00 in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $38.81.

Kinross Gold Company 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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