Red Cedar Investment Management LLC Buys Shares of 226,811 Kinross Gold Corporation (NYSE:KGC)

Red Cedar Investment Management LLC acquired a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 226,811 shares of the mining company's stock, valued at approximately $2,860,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in KGC. Norges Bank bought a new position in shares of Kinross Gold during the 4th quarter valued at about $280,697,000. Man Group plc raised its stake in Kinross Gold by 174.2% in the 4th quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after purchasing an additional 5,871,904 shares in the last quarter. First Eagle Investment Management LLC raised its position in shares of Kinross Gold by 80.9% in the 4th quarter. First Eagle Investment Management LLC now owns 12,610,383 shares of the mining company's stock valued at $116,898,000 after buying an additional 5,639,383 shares in the last quarter. Artemis Investment Management LLP lifted its stake in Kinross Gold by 365.8% in the 1st quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock valued at $86,718,000 after purchasing an additional 5,400,447 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Kinross Gold by 10.9% in the fourth quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock valued at $304,633,000 after buying an additional 3,224,455 shares during the period. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on KGC. Scotiabank lifted their price target on shares of Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research report on Thursday, May 8th. National Bank Financial upgraded shares of Kinross Gold to a "strong-buy" rating in a research report on Friday, March 21st. National Bankshares reissued an "outperform" rating on shares of Kinross Gold in a research note on Tuesday, June 24th. Raymond James Financial initiated coverage on Kinross Gold in a research note on Monday. They issued a "market perform" rating and a $15.00 price target on the stock. Finally, CIBC reissued an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $17.00.

Kinross Gold Trading Up 5.1%

Shares of NYSE KGC traded up $0.76 during mid-day trading on Monday, reaching $15.63. 19,759,771 shares of the company's stock were exchanged, compared to its average volume of 18,780,415. The company's 50-day moving average is $14.86 and its 200-day moving average is $12.54. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.22 and a current ratio of 2.83. Kinross Gold Corporation has a 52-week low of $7.84 and a 52-week high of $16.04. The firm has a market capitalization of $19.17 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 0.61 and a beta of 0.63.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its earnings results on Tuesday, May 6th. The mining company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.08. Kinross Gold had a return on equity of 15.63% and a net margin of 21.74%. The company had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the company earned $0.10 earnings per share. Kinross Gold's quarterly revenue was up 38.5% compared to the same quarter last year. Analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Thursday, May 29th were paid a $0.03 dividend. The ex-dividend date was Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a yield of 0.77%. Kinross Gold's dividend payout ratio (DPR) is 12.24%.

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.