State of Wyoming Sells 50,400 Shares of Kinross Gold Corporation $KGC

Key Points

• The State of Wyoming reduced its stake in Kinross Gold Corporation by 41.7%, selling 50,400 shares and maintaining 70,377 shares at a value of approximately $887,000.
• Analyst ratings for Kinross Gold have been positive, with multiple firms raising their price targets, and a consensus rating of "Buy" with a price target of $20.07.
• Kinross Gold announced a quarterly dividend of $0.03 per share, expected to be paid on September 4th, representing an annualized yield of 0.6%.

State of Wyoming reduced its position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 41.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,377 shares of the mining company's stock after selling 50,400 shares during the period. State of Wyoming's holdings in Kinross Gold were worth $887,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Northern Trust Corp boosted its position in shares of Kinross Gold by 80.5% during the 4th quarter. Northern Trust Corp now owns 1,185,021 shares of the mining company's stock valued at $10,985,000 after acquiring an additional 528,339 shares in the last quarter. Manatuck Hill Partners LLC grew its stake in Kinross Gold by 312.5% during the fourth quarter. Manatuck Hill Partners LLC now owns 158,400 shares of the mining company's stock worth $1,468,000 after buying an additional 120,000 shares during the last quarter. Bank of America Corp DE grew its stake in Kinross Gold by 4.5% during the fourth quarter. Bank of America Corp DE now owns 3,884,088 shares of the mining company's stock worth $36,005,000 after buying an additional 168,169 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in Kinross Gold by 249.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 204,664 shares of the mining company's stock worth $1,897,000 after buying an additional 146,064 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in Kinross Gold by 13.0% during the fourth quarter. Cetera Investment Advisers now owns 79,680 shares of the mining company's stock worth $739,000 after buying an additional 9,194 shares during the last quarter. 63.69% of the stock is owned by institutional investors.

Kinross Gold Trading Up 2.6%

NYSE KGC traded up $0.55 during trading on Tuesday, reaching $21.45. 29,555,834 shares of the stock traded hands, compared to its average volume of 20,646,314. The firm has a market cap of $26.07 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 0.69 and a beta of 0.61. The stock's 50-day moving average price is $17.21 and its 200 day moving average price is $14.78. 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 fifty-two week low of $8.31 and a fifty-two week high of $21.51.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.33 by $0.11. The firm had revenue of $1.75 billion during 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 revenue for the quarter was up 41.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.14 earnings per share. Analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be issued 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 payout ratio is currently 9.68%.

Analyst Ratings Changes

KGC has been the topic of several research analyst reports. CIBC upped their price objective 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. Canaccord Genuity Group upped their target price on shares of Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 target price on the stock in a research report on Monday, June 30th. UBS Group initiated coverage on shares of Kinross Gold in a research report on Monday, August 4th. They set a "buy" rating and a $20.00 target price on the stock. Finally, Jefferies Financial Group upgraded shares of Kinross Gold from a "hold" rating to a "buy" rating and upped their target price for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Kinross Gold 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.