PKO Investment Management Joint Stock Co Sells 56,000 Shares of Kinross Gold Corporation $KGC

Key Points

• PKO Investment Management Joint Stock Co has reduced its stake in Kinross Gold Corporation by 11.2%, selling 56,000 shares and holding 445,006 shares valued at approximately $6.93 million after the sale.
• Kinross Gold reported earnings of $0.44 per share, surpassing analysts' expectations of $0.33, with a 41.7% increase in quarterly revenue year-over-year.
• Equities analysts have recently upgraded Kinross Gold's stock ratings, with several institutions boosting price targets, indicating a consensus target price of $27.56 and a strong buy rating.

PKO Investment Management Joint Stock Co trimmed its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 11.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 445,006 shares of the mining company's stock after selling 56,000 shares during the period. PKO Investment Management Joint Stock Co's holdings in Kinross Gold were worth $6,925,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Banque Cantonale Vaudoise bought a new position in Kinross Gold in the 1st quarter valued at $55,000. IFP Advisors Inc raised its position in shares of Kinross Gold by 19.1% during the 2nd quarter. IFP Advisors Inc now owns 5,210 shares of the mining company's stock valued at $81,000 after buying an additional 835 shares in the last quarter. Headlands Technologies LLC purchased a new position in Kinross Gold in the 1st quarter worth $77,000. SBI Securities Co. Ltd. raised its position in Kinross Gold by 39.3% in the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock worth $80,000 after purchasing an additional 1,787 shares during the period. Finally, Wealth Preservation Advisors LLC purchased a new position in Kinross Gold in the 1st quarter worth $84,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $23.95 on Friday. Kinross Gold Corporation has a 1 year low of $8.99 and a 1 year high of $27.84. 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 company's 50-day moving average is $23.07 and its 200 day moving average is $18.05. The stock has a market capitalization of $28.97 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.47 and a beta of 0.64.

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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.75 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter in the previous year, the company earned $0.14 earnings per share. Kinross Gold's quarterly revenue was up 41.7% on a year-over-year basis. On average, sell-side analysts expect that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Zacks Research upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 17th. Weiss Ratings restated a "buy (a-)" rating on shares of Kinross Gold in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Raymond James Financial boosted their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the company a "market perform" rating in a research report on Friday, October 10th. Finally, UBS Group boosted their price objective on shares of Kinross Gold from $27.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, October 16th. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $27.56.

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.

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