Kinross Gold Corporation $KGC Shares Sold by Denali Advisors LLC

Key Points

• Denali Advisors reduced its Kinross Gold stake by 35% in the second quarter, selling 44,179 shares and retaining 82,147 shares valued at approximately $1.94 million. Institutional investors collectively own 63.69% of the company.
• Kinross reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion, slightly below expectations.
• The company declared a quarterly dividend of $0.04 per share, or $0.16 annualized for a 0.5% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $38.43, versus a reported share price of $29.93.

Denali Advisors LLC decreased its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 35.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,147 shares of the mining company's stock after selling 44,179 shares during the period. Denali Advisors LLC's holdings in Kinross Gold were worth $1,940,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Ascentis Independent Advisors bought a new stake in Kinross Gold during the first quarter worth approximately $29,000. Virtus Advisers LLC bought a new position in shares of Kinross Gold in the third quarter valued at $28,000. Harvest Fund Management Co. Ltd increased its holdings in shares of Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock valued at $32,000 after buying an additional 589 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Kinross Gold by 80.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company's stock valued at $41,000 after buying an additional 605 shares in the last quarter. Finally, Manchester Capital Management LLC acquired a new stake in shares of Kinross Gold during the 4th quarter valued at $40,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Stock Performance

Shares of KGC stock opened at $29.93 on Thursday. Kinross Gold Corporation has a 1-year low of $18.74 and a 1-year high of $39.11. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $35.50 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 0.73 and a beta of 0.78. The stock's fifty day simple moving average is $24.97 and its 200-day simple moving average is $29.09.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 34.00% and a net margin of 37.52%.The business's revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.44 EPS. On average, sell-side analysts predict that Kinross Gold Corporation will post 2.63 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold's dividend payout ratio is currently 6.06%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on KGC shares. Weiss Ratings cut Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, July 28th. Jefferies Financial Group reduced their target price on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. UBS Group decreased their price target on Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Zacks Research cut Kinross Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Finally, Wall Street Zen downgraded Kinross Gold from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Kinross Gold presently has a consensus rating of "Moderate Buy" and an average 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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