Ontario Teachers Pension Plan Board Boosts Holdings in Kinross Gold Corporation (NYSE:KGC)

Key Points

• Ontario Teachers Pension Plan Board increased its stake in Kinross Gold Corporation by 30.6%, acquiring 84,447 additional shares in the first quarter, bringing their total to 359,976 shares valued at approximately $4.54 million.
• Kinross Gold reported a 41.7% year-over-year increase in quarterly revenue, totaling $1.75 billion, and an earnings per share of $0.44, surpassing analysts' estimates by $0.11.
• The company announced a quarterly dividend of $0.03 per share, representing an annualized dividend yield of 0.6%, to be paid on September 4th.

Ontario Teachers Pension Plan Board boosted its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 30.6% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 359,976 shares of the mining company's stock after purchasing an additional 84,447 shares during the period. Ontario Teachers Pension Plan Board's holdings in Kinross Gold were worth $4,536,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG grew its position in Kinross Gold by 7.6% in the 1st quarter. Deutsche Bank AG now owns 5,098,322 shares of the mining company's stock worth $64,290,000 after purchasing an additional 359,461 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in Kinross Gold in the first quarter valued at about $958,000. Vanguard Group Inc. boosted its stake in Kinross Gold by 1.2% in the first quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company's stock valued at $603,829,000 after acquiring an additional 561,563 shares during the last quarter. Associated Banc Corp purchased a new position in Kinross Gold in the first quarter valued at about $161,000. Finally, Argent Trust Co purchased a new position in Kinross Gold in the first quarter valued at about $252,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Stock Performance

Shares of KGC stock traded up $0.22 during trading on Friday, reaching $18.99. 17,478,980 shares of the company's stock traded hands, compared to its average volume of 18,682,636. The company has a market capitalization of $23.14 billion, a P/E ratio of 15.31, a PEG ratio of 0.62 and a beta of 0.55. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The firm's 50-day moving average is $15.87 and its 200 day moving average is $13.82. Kinross Gold Corporation has a 1 year low of $8.31 and a 1 year high of $19.25.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the prior year, the company posted $0.14 EPS. The business's revenue for the quarter was up 41.7% compared to the same quarter last year. Equities research analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and boosted their target price for the company from $14.00 to $18.00 in a research note on Thursday, June 26th. National Bankshares reiterated an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Wall Street Zen upgraded shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 18th. Scotiabank boosted their target price on shares of Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 8th. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a research note on Monday, June 30th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, Kinross Gold presently has a consensus rating of "Buy" and an average price target of $20.07.

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.