The Manufacturers Life Insurance Company Boosts Position in Kinross Gold Corporation $KGC

Key Points

• The Manufacturers Life Insurance Company increased its Kinross Gold position by 9.3% in the first quarter, adding 854,802 shares to own 10.0 million shares valued at approximately $305.9 million. Institutional investors collectively hold 63.69% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $37.31, despite some recent target reductions and a Zacks downgrade to “strong sell.”
• Kinross reported quarterly EPS of $0.71, exceeding estimates of $0.68, while revenue rose 60.8% year over year to $2.37 billion. The company also maintains a quarterly dividend of $0.04 per share, representing a 0.7% annualized yield.

The Manufacturers Life Insurance Company boosted its position in Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K by 9.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,014,321 shares of the mining company's stock after purchasing an additional 854,802 shares during the period. The Manufacturers Life Insurance Company owned about 0.84% of Kinross Gold worth $305,888,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Maverick Capital Ltd. purchased a new stake in Kinross Gold during the first quarter valued at approximately $611,000. Quantinno Capital Management LP increased its stake in shares of Kinross Gold by 20.7% in the 1st quarter. Quantinno Capital Management LP now owns 140,491 shares of the mining company's stock worth $4,288,000 after purchasing an additional 24,125 shares in the last quarter. Lazard Asset Management LLC raised its holdings in Kinross Gold by 6.9% in the 1st quarter. Lazard Asset Management LLC now owns 2,617,292 shares of the mining company's stock worth $80,034,000 after purchasing an additional 169,457 shares during the period. Gateway Wealth Partners LLC purchased a new position in Kinross Gold during the first quarter valued at $568,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Kinross Gold during the 1st quarter valued at about $1,014,000. Hedge funds and other institutional investors own 63.69% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Kinross Gold from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 24th. ATB Cormark Capital Markets upgraded Kinross Gold from a "hold" rating to a "moderate buy" rating in a report on Friday, May 1st. Scotiabank dropped their price target on shares of Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating for the company in a research note on Tuesday, July 14th. Royal Bank Of Canada decreased their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Finally, Zacks Research lowered Kinross Gold from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $37.31.

Kinross Gold Stock Up 0.2%

Shares of NYSE:KGC opened at $23.91 on Tuesday. The business's 50 day moving average is $25.65 and its 200 day moving average is $30.13. The stock has a market cap of $28.36 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78. Kinross Gold Corporation has a 52-week low of $15.37 and a 52-week 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.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The business had revenue of $2.37 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the business earned $0.30 EPS. The business's revenue for the quarter was up 60.8% compared to the same quarter last year. Sell-side analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current year.

Kinross Gold Dividend Announcement

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

Kinross Gold Company Profile

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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