Northern Trust Corp Purchases 141,967 Shares of Kinross Gold Corporation $KGC

Key Points

• Northern Trust Corp increased its stake in Kinross Gold by 12.0%, purchasing an additional 141,967 shares, bringing its total holdings to 1,326,988 shares valued at approximately $16.7 million.
• Several institutional investors, including Bank of America and Balyasny Asset Management, also increased their positions in Kinross Gold, highlighting significant investor interest in the company.
• An array of analysts upgraded their ratings for Kinross Gold, with the average target price set at $20.07, reflecting a generally positive sentiment around the stock's performance and future potential.

Northern Trust Corp lifted its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 12.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,326,988 shares of the mining company's stock after purchasing an additional 141,967 shares during the quarter. Northern Trust Corp owned 0.11% of Kinross Gold worth $16,733,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE grew its position in Kinross Gold by 4.5% in the fourth quarter. Bank of America Corp DE now owns 3,884,088 shares of the mining company's stock valued at $36,005,000 after acquiring an additional 168,169 shares during the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Kinross Gold by 249.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 204,664 shares of the mining company's stock valued at $1,897,000 after purchasing an additional 146,064 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Kinross Gold by 13.0% during the 4th quarter. Cetera Investment Advisers now owns 79,680 shares of the mining company's stock valued at $739,000 after purchasing an additional 9,194 shares during the last quarter. Concentric Capital Strategies LP acquired a new position in Kinross Gold during the 4th quarter worth approximately $2,184,000. Finally, Focus Partners Wealth increased its position in Kinross Gold by 21.6% during the 4th quarter. Focus Partners Wealth now owns 20,494 shares of the mining company's stock worth $190,000 after purchasing an additional 3,638 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on KGC shares. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and raised their target price for the company from $14.00 to $18.00 in a research report on Thursday, June 26th. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. CIBC boosted their price target on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Royal Bank Of Canada raised their price objective on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Canaccord Genuity Group lifted their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Kinross Gold has an average rating of "Buy" and an average price target of $20.07.

Kinross Gold Trading Up 2.6%

KGC opened at $21.45 on Wednesday. Kinross Gold Corporation has a twelve month low of $8.31 and a twelve month high of $21.51. The company has a fifty day moving average of $17.33 and a 200-day moving average of $14.82. The stock has a market cap of $26.07 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 0.69 and a beta of 0.61. 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 quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The business had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter in the prior year, the firm posted $0.14 earnings per share. The business's quarterly revenue was up 41.7% compared to the same quarter last year. On average, sell-side analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Thursday, August 21st. Kinross Gold's payout ratio is presently 9.68%.

Kinross Gold 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.

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