Legal & General Group Plc Grows Stake in Kinross Gold Corporation $KGC

Key Points

• Legal & General Group Plc increased its stake in Kinross Gold by 33.3% in Q3 to 9,837,752 shares (0.81% ownership) worth about $244.2 million.
• Kinross beat quarterly EPS expectations ($0.67 vs. $0.55), reported revenue of $2.01 billion (up 42.9% year-over-year), and announced a quarterly dividend of $0.04 ($0.16 annualized, ~0.5% yield).
• Institutional investors own 63.69% of the stock; analysts give an average rating of “Moderate Buy” with a mean price target of $39.56, while the company has a $39.04 billion market cap and a P/E of 16.6.

Legal & General Group Plc lifted its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 33.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,837,752 shares of the mining company's stock after purchasing an additional 2,456,163 shares during the quarter. Legal & General Group Plc owned 0.81% of Kinross Gold worth $244,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its holdings in Kinross Gold by 192.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,647,057 shares of the mining company's stock worth $90,629,000 after acquiring an additional 2,398,621 shares during the last quarter. Osaic Holdings Inc. increased its holdings in shares of Kinross Gold by 203.0% in the 2nd quarter. Osaic Holdings Inc. now owns 152,755 shares of the mining company's stock worth $2,388,000 after purchasing an additional 102,348 shares in the last quarter. U S Global Investors Inc. increased its holdings in shares of Kinross Gold by 60.5% in the 3rd quarter. U S Global Investors Inc. now owns 417,334 shares of the mining company's stock worth $10,371,000 after purchasing an additional 157,334 shares in the last quarter. Dynasty Wealth Management LLC raised its stake in shares of Kinross Gold by 185.4% in the third quarter. Dynasty Wealth Management LLC now owns 226,215 shares of the mining company's stock worth $5,621,000 after purchasing an additional 146,955 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Kinross Gold in the third quarter worth $1,253,000. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Stock Down 0.1%

KGC stock opened at $32.54 on Friday. The business's 50-day moving average price is $33.80 and its 200-day moving average price is $28.09. The stock has a market cap of $39.04 billion, a P/E ratio of 16.60, a PEG ratio of 1.59 and a beta of 0.73. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a twelve month low of $11.12 and a twelve month high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.55 by $0.12. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The company had revenue of $2.01 billion for the quarter, compared to analysts' expectations of $2.05 billion. During the same quarter last year, the business earned $0.20 EPS. The firm's revenue was up 42.9% compared to the same quarter last year. On average, equities research analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Wednesday, March 11th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $0.16 annualized dividend and a yield of 0.5%. This is an increase from Kinross Gold's previous quarterly dividend of $0.04. Kinross Gold's payout ratio is currently 8.16%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Scotiabank lifted their price objective on Kinross Gold from $32.00 to $45.00 and gave the stock an "outperform" rating in a report on Monday, January 26th. TD Securities lowered their target price on shares of Kinross Gold from $43.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Canadian Imperial Bank of Commerce set a $54.00 price target on shares of Kinross Gold in a report on Wednesday, February 4th. Wall Street Zen cut shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a report on Monday, March 2nd. Finally, Jefferies Financial Group restated a "buy" rating and set a $33.00 price objective on shares of Kinross Gold in a research report on Sunday, December 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $39.56.

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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