Man Group plc Grows Holdings in Kinross Gold Corporation $KGC

Key Points

• Man Group plc increased its stake in Kinross Gold by 7.6% in the fourth quarter, buying 882,373 more shares to bring its total holding to 12.53 million shares worth about $352.8 million.
• Kinross Gold reported strong quarterly results, with EPS of $0.71 beating estimates and revenue of $2.37 billion, up 60.8% from a year earlier.
• Analysts remain generally positive on the stock, with a Moderate Buy consensus and an average price target of $38.81, while the company also recently paid a quarterly dividend of $0.04 per share.

Man Group plc increased its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 7.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,526,669 shares of the mining company's stock after purchasing an additional 882,373 shares during the quarter. Kinross Gold makes up about 0.6% of Man Group plc's holdings, making the stock its 19th biggest position. Man Group plc owned approximately 1.04% of Kinross Gold worth $352,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in Kinross Gold by 7.8% during the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company's stock worth $2,682,791,000 after purchasing an additional 7,825,336 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Kinross Gold by 0.3% during 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 boosted its holdings in Kinross Gold by 1.6% during the third quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock worth $1,133,463,000 after purchasing an additional 707,498 shares during the last quarter. FIL Ltd boosted its holdings in Kinross Gold by 4.8% during the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after purchasing an additional 1,326,833 shares during the last quarter. Finally, Norges Bank purchased a new position in Kinross Gold during the fourth quarter worth about $518,656,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Down 2.5%

KGC opened at $27.28 on Thursday. The company's 50-day moving average price is $29.99 and its two-hundred day moving average price is $30.95. Kinross Gold Corporation has a twelve month low of $14.71 and a twelve month high of $39.11. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a market cap of $32.54 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 0.99 and a beta of 0.71.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The company's quarterly revenue was up 60.8% compared to the same quarter last year. As a group, equities analysts expect that Kinross Gold Corporation will post 2.91 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a $0.04 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 annualized dividend and a dividend yield of 0.6%. Kinross Gold's payout ratio is 6.78%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a report on Monday, May 18th. UBS Group dropped their target price on shares of Kinross Gold from $43.00 to $37.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Royal Bank Of Canada upgraded shares of Kinross Gold from a "sector perform" rating to an "outperform" rating and boosted their target price for the company from $36.00 to $45.00 in a research note on Thursday, March 12th. TD Securities dropped 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. Finally, Weiss Ratings cut shares of Kinross Gold from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $38.81.

Kinross Gold Company 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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