The Manufacturers Life Insurance Company Buys Shares of 9,435,939 Kinross Gold Corporation $KGC

Key Points

• The Manufacturers Life Insurance Company acquired 9.44 million Kinross Gold shares worth approximately $223 million, representing a 0.80% stake. Institutional investors collectively own 63.69% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $38.43, despite several recent target-price reductions.
• Kinross reported quarterly EPS of $0.71, exceeding estimates of $0.66, while revenue rose 29.5% year over year to $2.22 billion. The company also declared a quarterly dividend of $0.04 per share, yielding approximately 0.5%.

The Manufacturers Life Insurance Company purchased a new position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,435,939 shares of the mining company's stock, valued at approximately $222,974,000. The Manufacturers Life Insurance Company owned 0.80% of Kinross Gold as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Virtus Advisers LLC acquired a new position in shares of Kinross Gold during the third quarter valued at $28,000. Ascentis Independent Advisors acquired a new stake in Kinross Gold in the first quarter worth about $29,000. Harvest Fund Management Co. Ltd lifted its holdings in Kinross Gold by 85.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company's stock worth $32,000 after purchasing an additional 589 shares during the period. Brown Brothers Harriman & Co. bought a new position in Kinross Gold in the 3rd quarter valued at about $38,000. Finally, Manchester Capital Management LLC bought a new position in Kinross Gold in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 63.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on KGC shares. Freedom Capital upgraded shares of Kinross Gold from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 18th. Jefferies Financial Group decreased their price objective on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a report on Monday, July 6th. UBS Group lowered their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Scotiabank dropped their target price on Kinross Gold from $45.00 to $41.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada cut their target price on Kinross Gold from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $38.43.

Kinross Gold Price Performance

NYSE:KGC opened at $32.98 on Tuesday. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The business's 50-day moving average price is $25.37 and its 200 day moving average price is $29.10. Kinross Gold Corporation has a 52-week low of $19.62 and a 52-week high of $39.11. The firm has a market cap of $39.12 billion, a P/E ratio of 12.49, a PEG ratio of 0.88 and a beta of 0.78.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts' consensus estimates of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the company earned $0.44 EPS. Kinross Gold's revenue was up 29.5% on a year-over-year basis. As a group, sell-side analysts predict that Kinross Gold Corporation will post 2.61 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold's dividend payout ratio (DPR) is presently 6.06%.

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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