Red Cedar Investment Management LLC Takes Position in Kinross Gold Corporation (NYSE:KGC)

Red Cedar Investment Management LLC bought a new position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 226,811 shares of the mining company's stock, valued at approximately $2,860,000.

A number of other institutional investors have also modified their holdings of KGC. Norges Bank purchased a new stake in shares of Kinross Gold in the fourth quarter valued at about $280,697,000. Man Group plc grew its holdings in shares of Kinross Gold by 174.2% during the fourth quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after buying an additional 5,871,904 shares during the last quarter. First Eagle Investment Management LLC increased its position in 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 acquiring an additional 5,639,383 shares during the period. Artemis Investment Management LLP raised its stake in Kinross Gold by 365.8% during 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 acquiring an additional 5,400,447 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Kinross Gold by 10.9% during the 4th quarter. Renaissance Technologies LLC now owns 32,862,230 shares of the mining company's stock worth $304,633,000 after acquiring an additional 3,224,455 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KGC. BMO Capital Markets initiated coverage on Kinross Gold in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Scotiabank lifted their price objective 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 Bankshares restated an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and raised their target price for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Finally, Royal Bank Of Canada boosted their price target on shares of Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Kinross Gold has a consensus rating of "Buy" and a consensus target price of $17.00.

Kinross Gold Price Performance

Shares of NYSE KGC traded up $0.27 during trading on Thursday, hitting $15.84. 12,114,985 shares of the company were exchanged, compared to its average volume of 18,738,167. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.83 and a quick ratio of 1.22. Kinross Gold Corporation has a 1 year low of $7.84 and a 1 year high of $16.04. The company has a market cap of $19.43 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 0.64 and a beta of 0.63. The firm's fifty day moving average price is $14.92 and its 200 day moving average price is $12.62.

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

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were given a dividend of $0.03 per share. The ex-dividend date was Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.76%. Kinross Gold's payout ratio is 12.24%.

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.