Nuveen LLC Makes New Investment in Kinross Gold Corporation $KGC

Key Points

• Nuveen LLC has acquired a new position in Kinross Gold Corporation worth approximately $16.29 million, purchasing 1,293,006 shares during the first quarter.
• Kinross Gold reported a quarterly earnings increase, posting $0.44 EPS which exceeded analysts' estimates and showed a 41.7% revenue growth compared to the previous year.
• The company will distribute a quarterly dividend of $0.03 per share, with an upcoming payment date on September 4th, reflecting a modest yield of 0.6%.

Nuveen LLC bought a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,293,006 shares of the mining company's stock, valued at approximately $16,288,000. Nuveen LLC owned about 0.11% of Kinross Gold as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its position in shares of Kinross Gold by 8.3% during the fourth quarter. Public Employees Retirement System of Ohio now owns 237,612 shares of the mining company's stock worth $2,204,000 after purchasing an additional 18,135 shares during the last quarter. State of Wyoming grew its stake in Kinross Gold by 56.5% in the fourth quarter. State of Wyoming now owns 120,777 shares of the mining company's stock valued at $1,120,000 after purchasing an additional 43,595 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of Kinross Gold by 77.7% during the fourth quarter. Hsbc Holdings PLC now owns 2,230,858 shares of the mining company's stock worth $20,587,000 after acquiring an additional 975,147 shares during the last quarter. Artemis Investment Management LLP grew its stake in shares of Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after acquiring an additional 5,400,447 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Kinross Gold by 264.7% during the first quarter. Bessemer Group Inc. now owns 155,422 shares of the mining company's stock worth $1,960,000 after acquiring an additional 112,800 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Stock Performance

Shares of NYSE KGC traded up $0.1750 during mid-day trading on Monday, hitting $19.7750. The company had a trading volume of 9,032,840 shares, compared to its average volume of 20,728,916. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. The business's 50-day simple moving average is $16.63 and its 200-day simple moving average is $14.42. Kinross Gold Corporation has a 12 month low of $8.31 and a 12 month high of $19.81. The firm has a market cap of $24.03 billion, a P/E ratio of 15.95, a PEG ratio of 0.65 and a beta of 0.55.

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

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a dividend of $0.03 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.12 annualized dividend and a dividend yield of 0.6%. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on KGC. Scotiabank upped their target price on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research report on Thursday, May 8th. UBS Group began coverage on Kinross Gold in a research report on Monday, August 4th. They set a "buy" rating and a $20.00 price target for the company. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and increased their price target for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Raymond James Financial upgraded Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a report on Monday, June 30th. Finally, Royal Bank Of Canada increased their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Kinross Gold presently has a consensus rating of "Buy" and a consensus price target of $20.07.

About Kinross Gold

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.