Kinross Gold Corporation (NYSE:KGC) Shares Sold by Swiss National Bank

Key Points

• The Swiss National Bank has reduced its stake in Kinross Gold Corporation by 2.0%, holding approximately 3,497,618 shares valued at $44.1 million.
• Kinross Gold reported earnings of $0.44 per share for the last quarter, surpassing analysts' expectations and showing a 41.7% increase in revenue year-over-year.
• The company recently announced a quarterly dividend of $0.03, representing an annualized yield of 0.6% with a low dividend payout ratio of 9.68%.

Swiss National Bank reduced its holdings in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 2.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,497,618 shares of the mining company's stock after selling 70,200 shares during the quarter. Swiss National Bank owned about 0.28% of Kinross Gold worth $44,097,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. Banque Cantonale Vaudoise acquired a new stake in shares of Kinross Gold in the first quarter valued at about $55,000. Farther Finance Advisors LLC lifted its position in shares of Kinross Gold by 188.6% during the 1st quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company's stock valued at $71,000 after acquiring an additional 3,659 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Kinross Gold during the 1st quarter valued at approximately $77,000. Bruce G. Allen Investments LLC lifted its position in shares of Kinross Gold by 68.6% during 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 during the period. Finally, SBI Securities Co. Ltd. raised its holdings in Kinross Gold by 39.3% during the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company's stock worth $80,000 after purchasing an additional 1,787 shares during the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Price Performance

Shares of NYSE KGC traded down $0.27 during trading on Wednesday, reaching $19.06. The company had a trading volume of 20,953,477 shares, compared to its average volume of 19,404,612. Kinross Gold Corporation has a twelve month low of $8.31 and a twelve month high of $19.45. The stock has a market capitalization of $23.16 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 0.64 and a beta of 0.55. The stock has a 50-day moving average price of $16.08 and a two-hundred day moving average price of $14.00. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16.

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

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be given a $0.03 dividend. 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 payout ratio is currently 9.68%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on KGC shares. Wall Street Zen raised Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday, April 18th. UBS Group assumed coverage on Kinross Gold in a research note on Monday, August 4th. They set a "buy" rating and a $20.00 price target for the company. Jefferies Financial Group raised 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. Canaccord Genuity Group lifted their price target on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Raymond James Financial upgraded shares of Kinross Gold to a "hold" rating and set a $15.00 target price for the company in a research report on Monday, June 30th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price 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.