Magnetar Financial LLC Sells 33,456 Shares of Kinross Gold Corporation $KGC

Key Points

• Magnetar Financial LLC has reduced its stake in Kinross Gold Corporation by 61.5%, owning 20,922 shares valued at $264,000 after selling 33,456 shares during the first quarter.
• Analysts have expressed positive sentiment for Kinross Gold, with several firms raising their target prices, resulting in a consensus rating of "Buy" and an average price target of $20.07.
• The company recently announced a quarterly dividend of $0.03 per share, representing an annualized yield of 0.6%, with the ex-dividend date set for August 21st.

Magnetar Financial LLC decreased its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 61.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 20,922 shares of the mining company's stock after selling 33,456 shares during the quarter. Magnetar Financial LLC's holdings in Kinross Gold were worth $264,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Kinross Gold by 1.2% in the first quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company's stock valued at $603,829,000 after purchasing an additional 561,563 shares during the last quarter. Boston Partners grew its position in shares of Kinross Gold by 36.5% in the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after purchasing an additional 12,705,061 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of 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. Dimensional Fund Advisors LP grew its position in shares of Kinross Gold by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 10,022,770 shares of the mining company's stock valued at $126,378,000 after purchasing an additional 603,388 shares during the last quarter. Finally, Man Group plc grew its position in shares of Kinross Gold by 174.2% in the fourth quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock valued at $85,685,000 after purchasing an additional 5,871,904 shares during the last quarter. Institutional investors and hedge funds own 63.69% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented 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 research report on Thursday, August 7th. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a research note on Monday, June 30th. CIBC increased their price target on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Zacks Research downgraded Kinross Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 1st. Finally, Royal Bank Of Canada increased their price target on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Two 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 data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $20.07.

Kinross Gold Price Performance

Shares of KGC stock traded up $0.64 during trading hours on Friday, reaching $22.13. The company's stock had a trading volume of 17,600,836 shares, compared to its average volume of 16,640,965. The firm's 50 day simple moving average is $17.72 and its 200-day simple moving average is $15.04. The company has a market capitalization of $26.89 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.73 and a beta of 0.62. Kinross Gold Corporation has a fifty-two week low of $8.31 and a fifty-two week high of $22.22. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

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

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders 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 of this dividend was Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is currently 9.68%.

Kinross Gold Company 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.