Panagora Asset Management Inc. Has $2.08 Million Holdings in Kinross Gold Corporation $KGC

Key Points

• Panagora Asset Management Inc. reduced its stake in Kinross Gold Corporation by 85.8%, selling 994,894 shares and holding 164,789 shares valued at approximately $2.08 million by the end of the last quarter.
• Canada Pension Plan Investment Board notably increased its position in Kinross Gold by 55.8% during the same period, now owning over 6.38 million shares valued at about $80.48 million.
• Several analysts have raised their price targets for Kinross Gold, with the consensus rating now at "Buy" and an average target price of $20.07, reflecting a positive outlook for the stock.

Panagora Asset Management Inc. lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 85.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 164,789 shares of the mining company's stock after selling 994,894 shares during the quarter. Panagora Asset Management Inc.'s holdings in Kinross Gold were worth $2,078,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Capital Investment Advisors LLC lifted its holdings in shares of Kinross Gold by 3.1% in the first quarter. Capital Investment Advisors LLC now owns 27,850 shares of the mining company's stock valued at $351,000 after buying an additional 850 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Kinross Gold by 3.0% in the first quarter. Cresset Asset Management LLC now owns 34,714 shares of the mining company's stock valued at $438,000 after buying an additional 1,013 shares during the period. S.A. Mason LLC lifted its holdings in shares of Kinross Gold by 6.0% in the first quarter. S.A. Mason LLC now owns 22,250 shares of the mining company's stock valued at $281,000 after buying an additional 1,250 shares during the period. OneDigital Investment Advisors LLC lifted its holdings in shares of Kinross Gold by 12.5% in the first quarter. OneDigital Investment Advisors LLC now owns 11,273 shares of the mining company's stock valued at $142,000 after buying an additional 1,250 shares during the period. Finally, R Squared Ltd raised its position in shares of Kinross Gold by 11.1% during the first quarter. R Squared Ltd now owns 17,080 shares of the mining company's stock worth $215,000 after purchasing an additional 1,710 shares during the period. Institutional investors and hedge funds own 63.69% of the company's stock.

Kinross Gold Stock Up 3.0%

KGC stock traded up $0.64 during mid-day trading on Friday, hitting $22.13. The stock had a trading volume of 17,600,836 shares, compared to its average volume of 16,640,965. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a 1-year low of $8.31 and a 1-year high of $22.22. The company has a fifty day moving average of $17.72 and a 200 day moving average of $15.04. The stock has a market capitalization of $26.89 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.73 and a beta of 0.62.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly 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. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm's revenue was up 41.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 EPS. On average, equities analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were paid a dividend of $0.03 per share. The ex-dividend date was Thursday, August 21st. This represents a $0.12 annualized dividend and a yield of 0.5%. Kinross Gold's dividend payout ratio is presently 9.68%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on KGC shares. CIBC boosted their target price on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and boosted their target price for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Raymond James Financial raised Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a research report on Monday, June 30th. Finally, Canaccord Genuity Group boosted their target price on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued 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 $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.