Mackenzie Financial Corp Sells 574,157 Shares of Kinross Gold Corporation (NYSE:KGC)

Key Points

• Mackenzie Financial Corp reduced its stake in Kinross Gold by 4.1%, now owning approximately 1.09% or 13.38 million shares of the company worth about $168.5 million.
• Several institutional investors have increased their positions in Kinross Gold, with notable increases from Farther Finance Advisors LLC (up 188.6%) and Bruce G. Allen Investments LLC (up 68.6%).
• Analysts are optimistic about Kinross Gold's future, with a consensus rating of "Buy" and a target price of $18.00, as indicated by multiple research upgrades in recent months.

Mackenzie Financial Corp trimmed its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,377,661 shares of the mining company's stock after selling 574,157 shares during the period. Mackenzie Financial Corp owned approximately 1.09% of Kinross Gold worth $168,534,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in shares of Kinross Gold by 188.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after acquiring an additional 3,659 shares in the last quarter. Bruce G. Allen Investments LLC lifted its stake in 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. SBI Securities Co. Ltd. boosted its holdings in Kinross Gold by 39.3% during the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after purchasing an additional 1,787 shares in the last quarter. Helium Advisors LLC bought a new stake in shares of Kinross Gold in the 4th quarter valued at approximately $97,000. Finally, Blue Trust Inc. raised its holdings in shares of Kinross Gold by 37.0% in the 1st quarter. Blue Trust Inc. now owns 7,811 shares of the mining company's stock worth $98,000 after buying an additional 2,110 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on KGC. Wall Street Zen upgraded shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, April 18th. Royal Bank Of Canada lifted their target price on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. National Bankshares restated an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. BMO Capital Markets started coverage on Kinross Gold in a research report on Wednesday, April 16th. They issued an "outperform" rating for the company. Finally, Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $18.00.

Kinross Gold Trading Up 3.5%

Shares of KGC traded up $0.54 during trading hours on Thursday, reaching $15.96. The stock had a trading volume of 16,154,355 shares, compared to its average volume of 21,014,281. The firm has a 50-day moving average of $15.44 and a 200 day moving average of $13.46. The company has a quick ratio of 1.22, a current ratio of 2.83 and a debt-to-equity ratio of 0.17. The company has a market cap of $19.45 billion, a P/E ratio of 16.26, a P/E/G ratio of 0.56 and a beta of 0.63. Kinross Gold Corporation has a 52 week low of $7.84 and a 52 week high of $16.52.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.11. The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.52 billion. Kinross Gold had a net margin of 21.74% and a return on equity of 15.63%. The company's revenue for the quarter was up 41.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS. On average, sell-side analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were paid a dividend of $0.03 per share. The ex-dividend date was Thursday, May 29th. This represents a $0.12 annualized dividend and a dividend yield of 0.75%. Kinross Gold's dividend payout ratio is currently 12.24%.

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.