SEB Asset Management AB Invests $12.64 Million in Kinross Gold Corporation $KGC

Key Points

• SEB Asset Management AB bought a new stake in Kinross Gold during the first quarter, purchasing 414,659 shares valued at about $12.64 million.
• Kinross Gold recently reported strong quarterly earnings, with EPS of $0.71 beating estimates and revenue rising 60.8% year over year to $2.37 billion.
• Wall Street remains generally upbeat on the stock, with a Moderate Buy consensus rating and an average price target of $37.31, despite some recent target cuts and mixed analyst ratings.

SEB Asset Management AB purchased a new stake in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 414,659 shares of the mining company's stock, valued at approximately $12,637,000.

A number of other institutional investors have also made changes to their positions in KGC. V Square Quantitative Management LLC acquired a new stake in Kinross Gold during the fourth quarter worth about $26,000. Financial Management Professionals Inc. acquired a new position in Kinross Gold in the 4th quarter valued at approximately $26,000. Virtus Advisers LLC acquired a new position in Kinross Gold in the 3rd quarter valued at approximately $28,000. Ascentis Independent Advisors bought a new stake in shares of Kinross Gold in the 1st quarter worth approximately $29,000. Finally, Harvest Fund Management Co. Ltd lifted its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock worth $32,000 after acquiring an additional 589 shares during the period. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Trading Down 0.3%

KGC stock opened at $22.50 on Tuesday. The company has a market cap of $26.69 billion, a P/E ratio of 9.53, a PEG ratio of 0.61 and a beta of 0.78. Kinross Gold Corporation has a twelve month low of $15.37 and a twelve month high of $39.11. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average of $26.28 and a 200-day moving average of $30.31.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last announced its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.03. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. Kinross Gold's revenue was up 60.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 earnings per share. As a group, equities research analysts expect that Kinross Gold Corporation will post 2.65 EPS for the current year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were given a $0.04 dividend. The ex-dividend date was Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. Kinross Gold's dividend payout ratio is currently 6.78%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on KGC. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 18th. Wall Street Zen cut shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 24th. UBS Group reduced their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Jefferies Financial Group decreased their target price on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating on the stock in a research report on Monday, July 6th. Finally, Zacks Research cut shares of Kinross Gold from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.31.

About Kinross Gold

Kinross Gold Corporation NYSE: KGC is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company's activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.

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