Maryland State Retirement & Pension System Sells 62,439 Shares of Kinross Gold Corporation $KGC

Key Points

• Maryland State Retirement & Pension System reduced its Kinross Gold stake by 14.4% in the first quarter, selling 62,439 shares and leaving it with 372,270 shares valued at about $11.38 million.
• Kinross Gold shares were up 1.8% to $23.89, but the stock remains well below its 50-day and 200-day moving averages, reflecting recent weakness despite a market cap of $28.34 billion.
• The company beat quarterly EPS expectations at $0.71 versus $0.68 expected, while analysts currently rate the stock a Moderate Buy with an average target price of $37.31.

Maryland State Retirement & Pension System cut its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 14.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 372,270 shares of the mining company's stock after selling 62,439 shares during the period. Maryland State Retirement & Pension System's holdings in Kinross Gold were worth $11,384,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in shares of Kinross Gold during the 4th quarter worth approximately $26,000. Financial Management Professionals Inc. purchased a new position in shares of Kinross Gold in the 4th quarter valued at approximately $26,000. Ascentis Independent Advisors bought a new stake in shares of Kinross Gold during the first quarter valued at approximately $29,000. Virtus Advisers LLC purchased a new stake in Kinross Gold in the third quarter worth $28,000. Finally, Elevated Capital Advisors LLC purchased a new stake in Kinross Gold in the fourth quarter worth $36,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Trading Up 1.8%

Kinross Gold stock opened at $23.89 on Wednesday. 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 $26.94 and its two-hundred day simple moving average is $30.48. Kinross Gold Corporation has a 12 month low of $15.10 and a 12 month high of $39.11. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of 10.12, a price-to-earnings-growth ratio of 0.62 and a beta of 0.78.

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

Kinross Gold Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have issued reports on KGC shares. ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, May 1st. Jefferies Financial Group reduced their target price on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Royal Bank Of Canada decreased their price target on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. UBS Group lowered their price target on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Wall Street Zen lowered shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $37.31.

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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