LGT Fund Management Co Ltd. Trims Stake in Kinross Gold Corporation $KGC

Key Points

• LGT Fund Management cut its Kinross Gold stake by 45.5% in the first quarter, selling 92,000 shares and leaving it with 110,000 shares worth about $3.36 million.
• Kinross Gold’s stock was trading at $24.13, well below its 52-week high of $39.11, while the company showed solid financials including a low debt-to-equity ratio of 0.08.
• The company recently beat quarterly EPS estimates and delivered year-over-year revenue growth of 60.8%; analysts currently rate the stock Moderate Buy with an average price target of $37.81.

LGT Fund Management Co Ltd. lessened its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 45.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 110,000 shares of the mining company's stock after selling 92,000 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Kinross Gold were worth $3,364,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in KGC. Vanguard Group Inc. lifted its stake 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 worth $1,433,345,000 after purchasing an additional 148,845 shares during the last quarter. Boston Partners raised its holdings in shares of Kinross Gold by 1.6% in the third quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock worth $1,133,463,000 after buying an additional 707,498 shares during the period. FIL Ltd raised its holdings in shares of Kinross Gold by 4.8% in the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after buying an additional 1,326,833 shares during the period. Norges Bank bought a new stake in shares of Kinross Gold during the 4th quarter worth approximately $518,656,000. Finally, Man Group plc lifted 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 acquiring an additional 5,411,491 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Price Performance

KGC opened at $24.13 on Monday. Kinross Gold Corporation has a 12-month low of $15.10 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 business's fifty day simple moving average is $27.17 and its 200-day simple moving average is $30.56. The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 0.64 and a beta of 0.78.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.03. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The firm's quarterly revenue was up 60.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.30 earnings per share. On average, equities research analysts anticipate that Kinross Gold Corporation will post 2.7 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

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

Analyst Ratings Changes

KGC has been the subject of a number of recent analyst reports. Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. Weiss Ratings downgraded Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research report on Wednesday, June 3rd. Jefferies Financial Group decreased their target price on Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a research report on Monday, July 6th. ATB Cormark Capital Markets raised shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. Finally, UBS Group cut their price target on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $37.81.

About Kinross Gold

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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