Ninety One North America Inc. Buys New Position in Kinross Gold Corporation $KGC

Key Points

• Ninety One North America acquired 258,646 Kinross Gold shares worth approximately $6.25 million during the third quarter. Institutional investors collectively own 63.69% of the company.
• Kinross reported quarterly earnings of $0.71 per share, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $38.89, despite several recent target reductions. The company also pays a quarterly dividend of $0.04 per share.

Ninety One North America Inc. purchased a new position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 258,646 shares of the mining company's stock, valued at approximately $6,249,000.

Several other institutional investors also recently added to or reduced their stakes in the business. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Kinross Gold during the third quarter worth approximately $361,000. Euro Pacific Asset Management LLC raised its position in shares of Kinross Gold by 5.7% during the third quarter. Euro Pacific Asset Management LLC now owns 805,507 shares of the mining company's stock valued at $19,397,000 after buying an additional 43,481 shares during the last quarter. Avior Wealth Management LLC bought a new stake in shares of Kinross Gold in the third quarter valued at about $218,000. Farther Finance Advisors LLC bought a new stake in shares of Kinross Gold in the third quarter valued at about $511,000. Finally, Sapient Capital LLC bought a new stake in shares of Kinross Gold in the third quarter valued at about $816,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Price Performance

Shares of NYSE KGC traded up $1.04 during midday trading on Thursday, reaching $23.29. 3,360,463 shares of the company traded hands, compared to its average volume of 9,271,734. The firm has a market cap of $27.58 billion, a PE ratio of 8.82, a PEG ratio of 0.77 and a beta of 0.82. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. The stock's 50-day simple moving average is $27.70 and its 200-day simple moving average is $27.75. Kinross Gold Corporation has a 12 month low of $21.90 and a 12 month high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the business posted $0.44 earnings per share. The company's revenue was up 29.5% on a year-over-year basis. As a group, equities analysts anticipate that Kinross Gold Corporation will post 2.43 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were given a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. Kinross Gold's dividend payout ratio is 6.06%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen lowered Kinross Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Royal Bank Of Canada cut their price target on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Canadian Imperial Bank of Commerce reduced their price objective on Kinross Gold from $54.00 to $50.00 and set an "outperformer" rating for the company in a research report on Friday, September 25th. Canaccord Genuity Group decreased their price objective on Kinross Gold from $52.00 to $47.00 and set a "buy" rating on the stock in a report on Thursday, September 24th. Finally, Scotia decreased their price objective on Kinross Gold from $41.00 to $39.00 and set a "sector outperform" rating on the stock in a report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $38.89.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. The company explores for, develops, and operates gold mines, with silver produced as a byproduct at certain properties. Its activities include mineral exploration, mine development, ore processing, and the sale of refined gold and other metals.

Kinross has historically operated mines across the Americas and West Africa. Its portfolio has included the Fort Knox, Round Mountain, and Bald Mountain mines in the United States; Paracatu in Brazil; Tasiast in Mauritania; and La Coipa in Chile.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.