Cape Ann Asset Management Ltd Purchases 1,273,125 Shares of Kinross Gold Corporation (NYSE:KGC)

Key Points

• Cape Ann Asset Management Ltd increased its stake in Kinross Gold Corporation by 35.5%, holding 4,860,463 shares, making it the company's largest shareholder.
• Wall Street analysts have raised Kinross Gold's price target, with CIBC increasing it to $21.00 and ratings showing a general consensus of "buy" with an average target of $18.00.
• Kinross Gold reported a quarterly earnings surprise, posting $0.30 EPS, exceeding estimates and reflecting a 38.5% revenue increase year-over-year.

Cape Ann Asset Management Ltd lifted its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 35.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,860,463 shares of the mining company's stock after acquiring an additional 1,273,125 shares during the quarter. Kinross Gold accounts for approximately 46.0% of Cape Ann Asset Management Ltd's investment portfolio, making the stock its largest holding. Cape Ann Asset Management Ltd owned approximately 0.40% of Kinross Gold worth $61,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in KGC. Vanguard Group Inc. grew its stake in Kinross Gold by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 47,365,206 shares of the mining company's stock valued at $439,881,000 after purchasing an additional 763,248 shares during the last quarter. Renaissance Technologies LLC grew its stake in Kinross Gold by 10.9% in the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock valued at $304,633,000 after purchasing an additional 3,224,455 shares during the last quarter. Norges Bank purchased a new position in Kinross Gold in the fourth quarter valued at about $280,697,000. Mackenzie Financial Corp grew its stake in Kinross Gold by 21.2% in the fourth quarter. Mackenzie Financial Corp now owns 13,951,818 shares of the mining company's stock valued at $129,435,000 after purchasing an additional 2,438,445 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Kinross Gold by 15.4% in the fourth quarter. JPMorgan Chase & Co. now owns 13,438,786 shares of the mining company's stock valued at $124,578,000 after purchasing an additional 1,793,065 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price target on the stock in a research note on Monday, June 30th. CIBC boosted their price target on Kinross Gold from $16.00 to $21.00 and gave the stock an "outperformer" rating in a research note on Tuesday, July 15th. Scotiabank boosted their price target on Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. Royal Bank Of Canada boosted their price target on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Finally, Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and boosted their price target for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $18.00.

Kinross Gold Trading Up 1.8%

NYSE:KGC traded up $0.29 during trading hours on Friday, hitting $16.13. The company had a trading volume of 28,107,900 shares, compared to its average volume of 15,320,698. The company has a current ratio of 2.83, a quick ratio of 1.22 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average of $15.35 and a 200 day moving average of $13.38. The company has a market cap of $19.78 billion, a P/E ratio of 16.45, a P/E/G ratio of 0.59 and a beta of 0.63. Kinross Gold Corporation has a 1 year low of $7.84 and a 1 year high of $16.52.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.08. The company had revenue of $1.44 billion during the quarter, compared to analysts' expectations of $1.43 billion. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. The firm's quarterly revenue was up 38.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. Sell-side analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current 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 issued a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date was Thursday, May 29th. Kinross Gold's dividend payout ratio is presently 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.