Te Ahumairangi Investment Management Ltd Trims Position in Kinross Gold Corporation $KGC

Key Points

• Te Ahumairangi Investment Management Ltd has reduced its holdings in Kinross Gold Corporation by 15.4%, now owning 238,300 shares worth approximately $3,002,000.
• Several institutional investors have recently modified their stakes in Kinross Gold, with notable increases including Farther Finance Advisors LLC raising its stake by 188.6%.
• Kinross Gold's most recent earnings report showed an EPS of $0.44, exceeding expectations, while the company also announced a quarterly dividend of $0.03 per share.

Te Ahumairangi Investment Management Ltd cut its holdings in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 238,300 shares of the mining company's stock after selling 43,500 shares during the period. Te Ahumairangi Investment Management Ltd's holdings in Kinross Gold were worth $3,002,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in KGC. Boston Partners lifted its holdings in Kinross Gold by 36.5% in the first quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after acquiring an additional 12,705,061 shares during the period. Man Group plc lifted its position in Kinross Gold by 174.2% during the 4th quarter. Man Group plc now owns 9,243,267 shares of the mining company's stock worth $85,685,000 after acquiring an additional 5,871,904 shares during the period. Artemis Investment Management LLP raised its holdings in Kinross Gold by 365.8% in 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 during the period. AustralianSuper Pty Ltd purchased a new stake in Kinross Gold during the 1st quarter worth approximately $33,877,000. Finally, Merewether Investment Management LP purchased a new stake in shares of Kinross Gold in the fourth quarter valued at approximately $23,765,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Price Performance

KGC stock traded up $0.55 during trading on Tuesday, reaching $21.45. 31,437,418 shares of the company were exchanged, compared to its average volume of 20,657,977. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45. Kinross Gold Corporation has a twelve month low of $8.31 and a twelve month high of $21.51. The company has a 50-day moving average of $17.21 and a two-hundred day moving average of $14.78. The company has a market capitalization of $26.07 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 0.69 and a beta of 0.61.

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

Kinross Gold Announces Dividend

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

Analysts Set New Price Targets

KGC has been the topic of several recent analyst reports. Jefferies Financial Group raised Kinross Gold from a "hold" rating to a "buy" rating and increased their target price for the company from $14.00 to $18.00 in a report on Thursday, June 26th. Raymond James Financial raised shares of Kinross Gold to a "hold" rating and set a $15.00 price target for the company in a research report on Monday, June 30th. Scotiabank increased their price objective on shares of Kinross Gold from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research note on Thursday, May 8th. UBS Group started coverage on shares of Kinross Gold in a research report on Monday, August 4th. They issued a "buy" rating and a $20.00 target price for the company. Finally, Royal Bank Of Canada lifted their target price on shares of Kinross Gold from $14.00 to $19.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Two 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's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $20.07.

Kinross Gold Profile

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.