Ruffer LLP Reduces Position in Kinross Gold Corporation (NYSE:KGC)

Key Points

• Ruffer LLP has decreased its stake in Kinross Gold Corporation by 51.3%, now holding approximately $45.57 million worth of shares, which constitutes about 1.8% of its total portfolio.
• Analysts have recently raised their price target for Kinross Gold, with estimates now ranging from $15.00 to $19.00, and an average consensus target price of $18.20.
• Although Kinross Gold reported a significant increase in quarterly revenue, the company has announced a quarterly dividend of $0.03 per share, reflecting a yield of 0.7% and a payout ratio of 9.68%.

Ruffer LLP lowered its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 51.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,613,816 shares of the mining company's stock after selling 3,814,154 shares during the quarter. Kinross Gold comprises approximately 1.8% of Ruffer LLP's portfolio, making the stock its 13th largest holding. Ruffer LLP owned approximately 0.29% of Kinross Gold worth $45,569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Banque Cantonale Vaudoise bought a new position in Kinross Gold in the 1st quarter worth about $55,000. Farther Finance Advisors LLC raised its holdings in Kinross Gold by 188.6% in the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock worth $71,000 after acquiring an additional 3,659 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in Kinross Gold by 68.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company's stock valued at $79,000 after acquiring an additional 2,561 shares in the last quarter. SBI Securities Co. Ltd. boosted its stake in Kinross Gold by 39.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock valued at $80,000 after purchasing an additional 1,787 shares during the last quarter. Finally, Helium Advisors LLC bought a new stake in shares of Kinross Gold in the 4th quarter worth $97,000. Hedge funds and other institutional investors own 63.69% of the company's stock.

Analysts Set New Price Targets

KGC has been the subject of a number of research reports. UBS Group started coverage on shares of Kinross Gold in a research note on Monday. They set a "buy" rating and a $20.00 target price for the company. Scotiabank upped their target price on shares of Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 8th. Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and lifted their price target for the stock from $14.00 to $18.00 in a research note on Thursday, June 26th. Raymond James Financial raised Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a report on Monday, June 30th. Finally, BMO Capital Markets began coverage on Kinross Gold in a research report on Wednesday, April 16th. They issued an "outperform" rating for the company. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $18.50.

Kinross Gold Price Performance

Kinross Gold stock traded up $0.57 during midday trading on Wednesday, reaching $18.73. 22,996,994 shares of the stock traded hands, compared to its average volume of 17,883,194. The stock has a market cap of $22.82 billion, a P/E ratio of 15.10, a PEG ratio of 0.60 and a beta of 0.55. Kinross Gold Corporation has a 12 month low of $8.08 and a 12 month high of $18.74. The stock's fifty day moving average is $15.62 and its 200-day moving average is $13.67. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned $0.14 earnings per share. Kinross Gold's revenue was up 41.7% on a year-over-year basis. As a group, equities research analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 21st. Kinross Gold's payout ratio is presently 9.68%.

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.