U S Global Investors Inc. Makes New Investment in Kinross Gold Corporation $KGC

Key Points

• U.S. Global Investors purchased 389,004 Kinross Gold shares in the third quarter, valued at approximately $9.4 million, making the stock about 0.9% of its portfolio. Institutional investors collectively own 63.69% of Kinross shares.
• Kinross shares opened at $22.62, down 5.0%, near the company’s 52-week low of $21.90. The stock trades at a price-to-earnings ratio of 9.41 and has a $0.16 annualized dividend yielding 0.7%.
• Analysts maintain a largely positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $37.30. Kinross recently exceeded quarterly earnings expectations, reporting $0.71 in EPS versus the $0.66 consensus estimate.

U S Global Investors Inc. purchased a new position in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 389,004 shares of the mining company's stock, valued at approximately $9,367,000. Kinross Gold accounts for about 0.9% of U S Global Investors Inc.'s portfolio, making the stock its 25th biggest holding.

Other institutional investors have also recently modified their holdings of the company. Caitlin John LLC increased its stake in shares of Kinross Gold by 42.1% in the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company's stock worth $32,000 after acquiring an additional 400 shares during the period. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. raised its holdings in Kinross Gold by 0.4% in the 2nd quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. now owns 141,100 shares of the mining company's stock valued at $3,329,000 after acquiring an additional 500 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Kinross Gold by 80.7% in the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company's stock valued at $41,000 after purchasing an additional 605 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in Kinross Gold by 6.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 10,137 shares of the mining company's stock worth $309,000 after acquiring an additional 645 shares during the last quarter. Finally, Baron Wealth Management LLC increased its position in shares of Kinross Gold by 3.1% during the second quarter. Baron Wealth Management LLC now owns 21,941 shares of the mining company's stock valued at $518,000 after acquiring an additional 653 shares during the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Down 5.0%

Shares of NYSE KGC opened at $22.62 on Friday. The stock has a market capitalization of $26.73 billion, a PE ratio of 9.41, a P/E/G ratio of 0.79 and a beta of 0.82. 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 firm has a fifty day moving average of $27.28 and a 200-day moving average of $27.46. Kinross Gold Corporation has a 52-week low of $21.90 and a 52-week high of $39.11.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last posted its earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The business's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 EPS. On average, analysts anticipate that Kinross Gold Corporation will post 2.41 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold's dividend payout ratio is 6.06%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Jefferies Financial Group decreased their price target on shares of Kinross Gold from $41.00 to $38.00 and set a "buy" rating for the company in a research report on Monday, July 6th. TD lowered their target price on shares of Kinross Gold from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, September 24th. Canadian Imperial Bank of Commerce restated an "outperform" rating and set a $34.00 price target on shares of Kinross Gold in a research note on Friday, October 16th. Scotiabank reduced their target price on shares of Kinross Gold from $41.00 to $39.00 and set an "outperform" rating for the company in a report on Thursday, September 24th. Finally, TD Securities decreased their price target on Kinross Gold from $40.00 to $35.00 and set a "buy" rating for the company in a report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.30.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross's producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.

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