Prospera Financial Services Inc Raises Stock Position in Kinross Gold Corporation $KGC

Key Points

• Prospera Financial Services sharply increased its Kinross Gold stake by 369% in the fourth quarter, adding 68,154 shares to reach 86,626 shares valued at about $2.44 million.
• Kinross Gold reported stronger-than-expected Q1 earnings of $0.71 per share, ahead of estimates, while revenue came in at $2.37 billion and was up 60.8% year over year.
• The company declared a quarterly dividend of $0.04 per share, and analysts currently have a Moderate Buy consensus with a price target of $38.81.

Prospera Financial Services Inc raised its stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 369.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 86,626 shares of the mining company's stock after purchasing an additional 68,154 shares during the quarter. Prospera Financial Services Inc's holdings in Kinross Gold were worth $2,439,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. lifted its stake in Kinross Gold by 6.6% during the 4th quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company's stock valued at $178,000 after acquiring an additional 393 shares during the period. Armstrong Advisory Group Inc. lifted its stake in Kinross Gold by 32.9% during the 4th quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company's stock valued at $55,000 after acquiring an additional 483 shares during the period. Laird Norton Wetherby Wealth Management LLC lifted its stake in Kinross Gold by 2.1% during the 3rd quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company's stock valued at $629,000 after acquiring an additional 521 shares during the period. Ballentine Partners LLC lifted its stake in Kinross Gold by 1.8% during the 3rd quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company's stock valued at $799,000 after acquiring an additional 565 shares during the period. Finally, Cadence Wealth Management LLC lifted its stake in Kinross Gold by 1.3% during the 3rd quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company's stock valued at $1,149,000 after acquiring an additional 581 shares during the period. 63.69% of the stock is owned by hedge funds and other institutional investors.

Kinross Gold Price Performance

Shares of NYSE:KGC opened at $29.44 on Wednesday. The firm's 50 day moving average price is $30.69 and its 200-day moving average price is $30.75. Kinross Gold Corporation has a twelve month low of $14.35 and a twelve month high of $39.11. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $35.11 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.01 and a beta of 0.73.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The firm had revenue of $2.37 billion for the quarter, compared to analysts' expectations of $2.38 billion. During the same quarter in the prior year, the business earned $0.30 EPS. The business's quarterly revenue was up 60.8% on a year-over-year basis. Equities research analysts expect that Kinross Gold Corporation will post 2.92 EPS for the current year.

Kinross Gold Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Thursday, May 21st. Kinross Gold's dividend payout ratio is 6.78%.

Analyst Ratings Changes

Several equities analysts have issued reports on KGC shares. UBS Group lowered their target price on shares of Kinross Gold from $43.00 to $37.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Canadian Imperial Bank of Commerce set a $54.00 target price on shares of Kinross Gold in a research note on Wednesday, February 4th. Wall Street Zen cut shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research note on Sunday. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a "hold" rating to a "moderate buy" rating in a research note on Friday, May 1st. Finally, TD Securities lowered their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Kinross Gold presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.81.

About Kinross Gold

Kinross Gold Corporation NYSE: KGC is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company's activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.

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