Scotia Capital Inc. Acquires 65,678 Shares of Kinross Gold Corporation (NYSE:KGC)

Key Points

• Scotia Capital Inc. increased its stake in Kinross Gold Corporation by 36.6%, acquiring an additional 65,678 shares, bringing its total holdings to 245,251 shares valued at $3,087,000.
• Several hedge funds have significantly increased their positions in Kinross Gold, with LPL Financial LLC boosting its stake by 81.5% and Orion Portfolio Solutions LLC by 106.8%.
• Kinross Gold reported a quarterly earnings per share of $0.44, exceeding estimates, with a revenue of $1.75 billion, reflecting a 41.7% increase year-over-year.

Scotia Capital Inc. boosted its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 36.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 245,251 shares of the mining company's stock after purchasing an additional 65,678 shares during the period. Scotia Capital Inc.'s holdings in Kinross Gold were worth $3,087,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. R Squared Ltd grew its position in shares of Kinross Gold by 11.1% in the first quarter. R Squared Ltd now owns 17,080 shares of the mining company's stock valued at $215,000 after purchasing an additional 1,710 shares in the last quarter. Jupiter Asset Management Ltd. lifted its position in Kinross Gold by 166.2% during the first quarter. Jupiter Asset Management Ltd. now owns 518,654 shares of the mining company's stock valued at $6,533,000 after purchasing an additional 323,788 shares during the last quarter. Natixis Advisors LLC lifted its holdings in shares of Kinross Gold by 20.8% during the 1st quarter. Natixis Advisors LLC now owns 169,671 shares of the mining company's stock worth $2,140,000 after acquiring an additional 29,240 shares during the last quarter. Baader Bank Aktiengesellschaft lifted its stake in Kinross Gold by 52.6% during the first quarter. Baader Bank Aktiengesellschaft now owns 63,868 shares of the mining company's stock worth $770,000 after purchasing an additional 22,006 shares during the last quarter. Finally, Bayforest Capital Ltd boosted its stake in Kinross Gold by 481.4% in the first quarter. Bayforest Capital Ltd now owns 42,397 shares of the mining company's stock worth $535,000 after buying an additional 35,105 shares in the last quarter. Institutional investors own 63.69% of the company's stock.

Kinross Gold Stock Performance

Shares of KGC traded up $0.07 during mid-day trading on Thursday, hitting $18.78. 18,330,261 shares of the company traded hands, compared to its average volume of 18,355,460. The stock has a market cap of $22.88 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 0.62 and a beta of 0.55. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The stock has a 50-day moving average price of $15.78 and a two-hundred day moving average price of $13.76. Kinross Gold Corporation has a 1 year low of $8.13 and a 1 year high of $19.05.

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

Kinross Gold Dividend Announcement

The company also recently announced 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. The ex-dividend date is Thursday, August 21st. This represents a $0.12 dividend on an annualized basis and a yield of 0.6%. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

Wall Street Analyst Weigh In

KGC has been the topic of several analyst reports. Canaccord Genuity Group lifted their price objective on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a report on Thursday. National Bankshares reaffirmed an "outperform" rating on shares of Kinross Gold in a research report on Tuesday, June 24th. Scotiabank lifted their price target on Kinross Gold from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research report on Thursday, May 8th. UBS Group assumed coverage on shares of Kinross Gold in a research note on Monday. They set a "buy" rating and a $20.00 price objective on the stock. Finally, CIBC increased their target price on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a hold rating, six have issued a buy rating and three have given a strong buy rating to the stock. According to MarketBeat.com, Kinross Gold presently has an average 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.