Russell Investments Group Ltd. Acquires 809,624 Shares of Kinross Gold Corporation $KGC

Key Points

• Russell Investments Group Ltd. increased its stake in Kinross Gold Corporation by 34.6% in the first quarter, owning approximately 3.15 million shares valued at about $39.7 million.
• Several other institutional investors, including Hsbc Holdings PLC and Artemis Investment Management LLP, significantly boosted their holdings in Kinross Gold during the last quarter, indicating growing institutional interest.
• Kinross Gold reported a 41.7% year-over-year revenue increase for the quarter, with earnings per share surpassing analyst expectations, and declared a quarterly dividend with a yield of 0.6%.

Russell Investments Group Ltd. boosted its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 34.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,152,583 shares of the mining company's stock after purchasing an additional 809,624 shares during the period. Russell Investments Group Ltd. owned about 0.26% of Kinross Gold worth $39,734,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Man Group plc boosted 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 valued at $85,685,000 after buying an additional 5,871,904 shares in the last quarter. Artemis Investment Management LLP increased its position in shares of 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 worth $86,718,000 after purchasing an additional 5,400,447 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in Kinross Gold during the 1st quarter valued at about $33,877,000. Merewether Investment Management LP acquired a new position in Kinross Gold in the fourth quarter valued at about $23,765,000. Finally, Mackenzie Financial Corp grew its stake in Kinross Gold by 21.2% during the fourth quarter. Mackenzie Financial Corp now owns 13,951,818 shares of the mining company's stock worth $129,435,000 after buying an additional 2,438,445 shares during the last quarter. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Trading Down 3.0%

KGC stock traded down $0.5750 during midday trading on Tuesday, reaching $18.8050. The company's stock had a trading volume of 7,795,113 shares, compared to its average volume of 20,839,336. The business's 50-day simple moving average is $16.32 and its 200-day simple moving average is $14.21. 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 Corporation has a 52 week low of $8.31 and a 52 week high of $19.52. The stock has a market cap of $22.85 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 0.64 and a beta of 0.55.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data on Wednesday, July 30th. The mining company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.11. The business had revenue of $1.75 billion during the quarter, compared to analysts' expectations of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm's quarterly revenue was up 41.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 earnings per share. As a group, sell-side analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is currently 9.68%.

Analyst Ratings Changes

KGC has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on Kinross Gold from $14.00 to $19.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and increased their target price for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. Scotiabank lifted their price target on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 8th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price objective on the stock in a report on Monday, June 30th. Finally, CIBC boosted their target price on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Kinross Gold currently has a consensus rating of "Buy" and an average price target of $20.07.

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.