Kinross Gold Corporation $KGC Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Kinross Gold stake by 84.9% in the third quarter, selling 1.02 million shares and retaining 181,345 shares valued at approximately $4.38 million.
• Kinross Gold reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue reached $2.22 billion and rose 29.5% year over year. The company also maintains a quarterly dividend of $0.04 per share.
• Despite the stock trading at $23.62, analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $37.11; institutional investors own 63.69% of the company.

Assenagon Asset Management S.A. lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 84.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 181,345 shares of the mining company's stock after selling 1,022,160 shares during the period. Assenagon Asset Management S.A.'s holdings in Kinross Gold were worth $4,378,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in KGC. Allianz Asset Management GmbH lifted its position in shares of Kinross Gold by 17.0% in the second quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company's stock valued at $227,141,000 after acquiring an additional 1,395,576 shares in the last quarter. U S Global Investors Inc. boosted its stake in shares of Kinross Gold by 95.4% in the first quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company's stock worth $5,962,000 after acquiring an additional 95,363 shares during the period. SteelPeak Wealth LLC bought a new position in shares of Kinross Gold in the first quarter worth about $2,263,000. Deutsche Bank AG bought a new position in shares of Kinross Gold in the second quarter worth about $217,800,000. Finally, Groupe la Francaise grew its position in shares of Kinross Gold by 11.5% during the second quarter. Groupe la Francaise now owns 1,115,000 shares of the mining company's stock worth $26,411,000 after purchasing an additional 115,000 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Down 0.1%

KGC stock opened at $23.62 on Wednesday. The firm has a fifty day moving average price of $27.44 and a 200 day moving average price of $27.57. Kinross Gold Corporation has a fifty-two week low of $21.90 and a fifty-two week high of $39.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The firm has a market cap of $27.98 billion, a PE ratio of 9.35, a price-to-earnings-growth ratio of 0.78 and a beta of 0.82.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The firm's revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. Sell-side analysts anticipate that Kinross Gold Corporation will post 2.41 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Thursday, August 20th. Kinross Gold's dividend payout ratio (DPR) is 6.06%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Citigroup reissued a "buy" rating on shares of Kinross Gold in a research note on Monday, September 28th. TD lowered their price target on Kinross Gold from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. Scotiabank dropped their price target on Kinross Gold from $41.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, September 24th. Zacks Research upgraded Kinross Gold from a "strong sell" rating to a "hold" rating in a research note on Monday, September 7th. Finally, Jefferies Financial Group cut their price objective on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.11.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

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