Kinross Gold Corporation $KGC Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd cut its Kinross Gold stake by 29.2% in the first quarter, selling 153,204 shares and leaving it with 371,824 shares worth about $10.6 million.
• Kinross Gold reported better-than-expected quarterly earnings of $0.71 per share versus $0.68 expected, with revenue of $2.37 billion and year-over-year revenue growth of 60.8%.
• Analysts remain generally positive, with a Moderate Buy consensus and an average price target of $37.31, though several firms recently lowered their targets on the stock.

Mediolanum International Funds Ltd decreased its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 29.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 371,824 shares of the mining company's stock after selling 153,204 shares during the period. Mediolanum International Funds Ltd's holdings in Kinross Gold were worth $10,639,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Kinross Gold by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company's stock valued at $1,433,345,000 after purchasing an additional 148,845 shares during the period. Boston Partners increased 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 position in Kinross Gold by 4.8% during the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after purchasing an additional 1,326,833 shares during the period. Norges Bank acquired a new position in Kinross Gold during the 4th quarter worth approximately $518,656,000. Finally, Man Group plc raised its stake in shares of Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock worth $261,646,000 after buying an additional 5,411,491 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Trading Up 0.2%

Shares of Kinross Gold stock opened at $22.61 on Monday. Kinross Gold Corporation has a 12-month low of $15.29 and a 12-month high of $39.11. 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 stock has a market cap of $26.82 billion, a PE ratio of 9.58, a price-to-earnings-growth ratio of 0.61 and a beta of 0.78. The company has a 50-day moving average of $26.47 and a two-hundred day moving average of $30.35.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced 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. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The company's quarterly revenue was up 60.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.30 EPS. On average, research analysts anticipate that Kinross Gold Corporation will post 2.65 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were issued a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold's payout ratio is currently 6.78%.

Analysts Set New Price Targets

KGC has been the subject of several recent analyst reports. Scotiabank reduced their price target on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a report on Tuesday, July 14th. Wall Street Zen lowered Kinross Gold from a "strong-buy" rating to a "buy" rating in a report on Sunday, May 24th. UBS Group cut their price objective 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. Weiss Ratings downgraded Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 3rd. Finally, Royal Bank Of Canada decreased their target price on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $37.31.

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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