Graham Capital Management L.P. Sells 63,510 Shares of Kinross Gold Corporation $KGC

Key Points

• Graham Capital Management L.P. reduced its holdings in Kinross Gold by 42.2%, resulting in ownership of 87,138 shares after selling 63,510 shares in the first quarter.
• Kinross Gold reported a quarterly revenue of $1.75 billion, surpassing analyst estimates of $1.52 billion, and earnings per share of $0.44, beating the consensus estimate of $0.33.
• The company announced a quarterly dividend of $0.03 per share, representing a 0.5% yield, with a current dividend payout ratio of 9.68%.

Graham Capital Management L.P. trimmed its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 42.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 87,138 shares of the mining company's stock after selling 63,510 shares during the quarter. Graham Capital Management L.P.'s holdings in Kinross Gold were worth $1,099,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new stake in shares of Kinross Gold during the 1st quarter valued at approximately $55,000. Farther Finance Advisors LLC lifted its position in shares of Kinross Gold by 188.6% during the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock worth $71,000 after purchasing an additional 3,659 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Kinross Gold in the first quarter valued at $77,000. Bruce G. Allen Investments LLC raised its holdings in shares of Kinross Gold by 68.6% during the first quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock worth $79,000 after purchasing an additional 2,561 shares during the period. Finally, SBI Securities Co. Ltd. boosted its holdings in shares of Kinross Gold by 39.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after buying an additional 1,787 shares during the period. 63.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on KGC. CIBC upped their price objective 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. Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 price objective on the stock in a research note on Monday, June 30th. UBS Group assumed coverage on Kinross Gold in a report on Monday, August 4th. They set a "buy" rating and a $20.00 price objective for the company. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and lifted their price target for the company from $14.00 to $18.00 in a report on Thursday, June 26th. Finally, Royal Bank Of Canada lifted their price objective on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $20.07.

Kinross Gold Stock Up 1.9%

Shares of NYSE KGC traded up $0.43 during midday trading on Monday, hitting $22.54. 15,077,513 shares of the stock traded hands, compared to its average volume of 20,599,563. The company has a market cap of $27.39 billion, a PE ratio of 18.19, a P/E/G ratio of 0.73 and a beta of 0.61. The business has a 50 day moving average price of $17.72 and a two-hundred day moving average price of $15.07. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. Kinross Gold Corporation has a one year low of $8.36 and a one year high of $22.70.

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

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

Kinross Gold 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.