LGT Fund Management Co Ltd. Grows Stock Position in Kinross Gold Corporation $KGC

Key Points

• LGT Fund Management Co Ltd. increased its stake in Kinross Gold Corporation by 28.4%, owning 194,900 shares valued at $3,045,000.
• Several research firms have upgraded their ratings and target prices for Kinross Gold, with Canaccord Genuity raising its target from $28.00 to $29.50 and maintaining a "buy" rating.
• Kinross Gold recently reported quarterly earnings of $0.44 EPS, significantly surpassing analysts' expectations, alongside a revenue of $1.75 billion, marking a year-over-year growth of 41.7%.

LGT Fund Management Co Ltd. lifted its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 28.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 194,900 shares of the mining company's stock after purchasing an additional 43,100 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Kinross Gold were worth $3,045,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of KGC. Merit Financial Group LLC purchased a new position in Kinross Gold in the first quarter worth $153,000. SeaCrest Wealth Management LLC raised its position in Kinross Gold by 22.9% in the first quarter. SeaCrest Wealth Management LLC now owns 26,840 shares of the mining company's stock worth $338,000 after acquiring an additional 5,000 shares in the last quarter. Vanguard Capital Wealth Advisors purchased a new position in Kinross Gold in the first quarter worth $215,000. OLD National Bancorp IN raised its position in Kinross Gold by 48.8% in the first quarter. OLD National Bancorp IN now owns 22,497 shares of the mining company's stock worth $284,000 after acquiring an additional 7,382 shares in the last quarter. Finally, Capital Investment Advisors LLC raised its position in Kinross Gold by 3.1% in the first quarter. Capital Investment Advisors LLC now owns 27,850 shares of the mining company's stock worth $351,000 after acquiring an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on KGC. Canaccord Genuity Group upped their target price on Kinross Gold from $28.00 to $29.50 and gave the company a "buy" rating in a report on Thursday, August 7th. Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday. CIBC increased their price objective on Kinross Gold from $21.00 to $22.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. UBS Group increased their price objective on Kinross Gold from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Finally, Zacks Research lowered Kinross Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 1st. Three research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Kinross Gold presently has an average rating of "Buy" and a consensus price target of $21.07.

Kinross Gold Stock Up 0.3%

Shares of NYSE:KGC opened at $25.03 on Friday. The stock's 50-day moving average price is $20.91 and its two-hundred day moving average price is $16.74. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a 12-month low of $8.99 and a 12-month high of $25.78. The firm has a market cap of $30.34 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 0.80 and a beta of 0.64.

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

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st were issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is 9.68%.

About Kinross Gold

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.