Kinross Gold Corporation $KGC Shares Purchased by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio increased its Kinross Gold stake by 328.8% in the first quarter, buying 699,263 additional shares and bringing its total holding to 911,908 shares worth about $27.8 million.
• Several large institutional investors also added to or established positions, and institutions and hedge funds now own 63.69% of Kinross Gold’s stock.
• Kinross Gold reported strong quarterly results, with EPS of $0.71 beating estimates and revenue rising 60.8% year over year; the company also paid a quarterly dividend of $0.04 per share.

Public Employees Retirement System of Ohio grew its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 328.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 911,908 shares of the mining company's stock after buying an additional 699,263 shares during the quarter. Public Employees Retirement System of Ohio owned 0.08% of Kinross Gold worth $27,824,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in KGC. Vanguard Group Inc. lifted its holdings in shares of Kinross Gold by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company's stock valued at $1,433,345,000 after acquiring an additional 148,845 shares in the last quarter. Boston Partners boosted its position in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock worth $1,133,463,000 after purchasing an additional 707,498 shares during the period. FIL Ltd increased its holdings in Kinross Gold by 4.8% in the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock valued at $820,969,000 after purchasing an additional 1,326,833 shares in the last quarter. Norges Bank acquired a new stake in Kinross Gold in the 4th quarter valued at $518,656,000. Finally, Man Group plc raised its position in Kinross Gold by 47.8% in the second 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 during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on KGC shares. UBS Group reduced their price objective on Kinross Gold from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Jefferies Financial Group lowered their target price 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. ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. Finally, Scotiabank reduced their price target on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Kinross Gold presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.31.

Kinross Gold Price Performance

KGC opened at $23.86 on Friday. Kinross Gold Corporation has a twelve month low of $15.37 and a twelve month high of $39.11. The firm has a market cap of $28.30 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 0.64 and a beta of 0.78. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $25.74 and a 200 day simple moving average of $30.17.

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

Kinross Gold Announces Dividend

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

About Kinross Gold

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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