Provenance Wealth Advisors LLC Makes New Investment in Kinross Gold Corporation $KGC

Key Points

• Provenance Wealth Advisors initiated a position in Kinross Gold, buying 59,011 shares valued at approximately $1.42 million; institutional investors collectively own 63.69% of the company.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $37.98, with 15 of 17 analysts rating the stock Buy or Strong Buy.
• Kinross reported quarterly earnings of $0.50 per share, beating estimates of $0.46, while revenue of $1.75 billion fell short of expectations. The company also declared a quarterly dividend of $0.04 per share.

Provenance Wealth Advisors LLC acquired a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 59,011 shares of the mining company's stock, valued at approximately $1,421,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Caitlin John LLC grew its position in Kinross Gold by 42.1% in the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company's stock worth $32,000 after acquiring an additional 400 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. increased its stake in Kinross Gold by 0.4% in the second quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company's stock valued at $3,329,000 after acquiring an additional 500 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in Kinross Gold by 80.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company's stock valued at $41,000 after acquiring an additional 605 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in Kinross Gold by 6.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,137 shares of the mining company's stock valued at $309,000 after purchasing an additional 645 shares in the last quarter. Finally, Baron Wealth Management LLC raised its position in Kinross Gold by 3.1% during the second quarter. Baron Wealth Management LLC now owns 21,941 shares of the mining company's stock valued at $518,000 after purchasing an additional 653 shares in the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on KGC shares. Weiss Ratings lowered Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, October 23rd. Bank of America cut their price objective on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. UBS Group reduced their price objective on Kinross Gold from $30.00 to $28.00 and set a "buy" rating on the stock in a research report on Thursday, October 8th. Scotiabank decreased their price objective on Kinross Gold from $41.00 to $39.00 and set an "outperform" rating on the stock in a report on Thursday, September 24th. Finally, Canaccord Genuity Group dropped their target price on Kinross Gold from $52.00 to $47.00 and set a "buy" rating for the company in a research report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.98.

Kinross Gold Price Performance

Shares of Kinross Gold stock opened at $19.86 on Wednesday. Kinross Gold Corporation has a 52-week low of $19.70 and a 52-week high of $39.11. The stock has a market capitalization of $23.40 billion, a price-to-earnings ratio of 7.94, a price-to-earnings-growth ratio of 0.69 and a beta of 0.83. The company has a fifty day moving average of $25.93 and a 200-day moving average of $28.71. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.89 and a current ratio of 2.87.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Wednesday, October 28th. The mining company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.46 by $0.04. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.94 billion. Kinross Gold had a net margin of 37.62% and a return on equity of 32.84%. Equities research analysts expect that Kinross Gold Corporation will post 2.40 EPS for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Thursday, November 19th will be given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, November 19th. Kinross Gold's dividend payout ratio is presently 6.04%.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

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