Quantitative Investment Management LLC Increases Stock Holdings in Kinross Gold Corporation $KGC

Key Points

• Quantitative Investment Management increased its Kinross Gold stake by 93.2% in the second quarter, reaching 93,807 shares valued at approximately $2.2 million. Institutional investors collectively own 63.69% of the company.
• Kinross Gold reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company declared a quarterly dividend of $0.04 per share, implying a 0.5% annual yield.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $38.43 price target, although several firms recently lowered their ratings or targets. Shares opened at $30.68 after declining 1.9%.

Quantitative Investment Management LLC boosted its stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 93.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 93,807 shares of the mining company's stock after acquiring an additional 45,242 shares during the quarter. Quantitative Investment Management LLC's holdings in Kinross Gold were worth $2,215,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Partners grew its position in shares of Kinross Gold by 1.6% in the third quarter. Boston Partners now owns 45,120,345 shares of the mining company's stock valued at $1,133,463,000 after purchasing an additional 707,498 shares during the period. FIL Ltd grew its holdings in shares of Kinross Gold by 4.8% during the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company's stock worth $820,969,000 after buying an additional 1,326,833 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Kinross Gold by 2.3% during the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company's stock worth $779,677,000 after buying an additional 571,100 shares in the last quarter. Norges Bank acquired a new stake in shares of Kinross Gold in the fourth quarter valued at about $518,656,000. Finally, Man Group plc raised its position in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company's stock valued at $261,646,000 after buying an additional 5,411,491 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company's stock.

Kinross Gold Trading Down 1.9%

Shares of KGC opened at $30.68 on Tuesday. Kinross Gold Corporation has a 12-month low of $20.19 and a 12-month high of $39.11. The firm has a market capitalization of $36.39 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.84 and a beta of 0.78. The firm has a 50-day moving average price of $25.87 and a 200 day moving average price of $29.07. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company had revenue of $2.22 billion for the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the firm earned $0.44 earnings per share. Kinross Gold's quarterly revenue was up 29.5% compared to the same quarter last year. Sell-side analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be issued a $0.04 dividend. The ex-dividend date is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Kinross Gold's dividend payout ratio is currently 6.06%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on KGC. Weiss Ratings lowered shares of Kinross Gold from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. Zacks Research lowered shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Jefferies Financial Group lowered their target price on Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a report on Monday, July 6th. Freedom Capital upgraded Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Finally, UBS Group cut their price target on Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.43.

Kinross Gold Profile

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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