Wealthstar Advisors LLC Buys New Position in Kinross Gold Corporation $KGC

Key Points

• Wealthstar Advisors LLC has purchased a new stake in Kinross Gold, acquiring 63,114 shares valued at approximately $986,000 during the 2nd quarter.
• Several institutional investors, including Boston Partners and Goldman Sachs, significantly increased their positions in Kinross Gold amidst bullish market conditions.
• Analysts have varied price targets for Kinross Gold, with a consensus rating of "Buy" and an average target price of $22.19, reflecting optimism regarding the stock's potential.

Wealthstar Advisors LLC bought a new stake in shares of Kinross Gold Corporation (NYSE:KGC - Free Report) TSE: K during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 63,114 shares of the mining company's stock, valued at approximately $986,000.

Several other institutional investors and hedge funds also recently made changes to their positions in KGC. Boston Partners boosted its position in shares of Kinross Gold by 36.5% during the 1st quarter. Boston Partners now owns 47,526,913 shares of the mining company's stock valued at $632,797,000 after purchasing an additional 12,705,061 shares in the last quarter. Artemis Investment Management LLP boosted its holdings in Kinross Gold by 365.8% in the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company's stock worth $86,718,000 after acquiring an additional 5,400,447 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Kinross Gold by 95.7% in the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company's stock worth $87,639,000 after acquiring an additional 3,398,687 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in Kinross Gold in the first quarter worth approximately $33,877,000. Finally, Ninety One SA PTY Ltd bought a new position in Kinross Gold in the first quarter worth approximately $28,898,000. Institutional investors own 63.69% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Weiss Ratings reiterated a "buy (a-)" rating on shares of Kinross Gold in a report on Wednesday. Jefferies Financial Group upgraded Kinross Gold from a "hold" rating to a "buy" rating and increased their price target for the stock from $14.00 to $18.00 in a report on Thursday, June 26th. CIBC increased their price target on Kinross Gold from $21.00 to $22.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Wall Street Zen upgraded Kinross Gold from a "buy" rating to a "strong-buy" rating in a report on Friday, October 3rd. Finally, Canaccord Genuity Group increased their price target on Kinross Gold from $28.00 to $29.50 and gave the stock a "buy" rating in a report on Thursday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $22.19.

Kinross Gold Stock Performance

Shares of KGC opened at $24.28 on Friday. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $29.44 billion, a price-to-earnings ratio of 19.58, a PEG ratio of 0.81 and a beta of 0.64. The stock has a 50 day moving average of $21.65 and a 200 day moving average of $17.09. Kinross Gold Corporation has a 12 month low of $8.99 and a 12 month high of $25.91.

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

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold's dividend payout ratio (DPR) is presently 9.68%.

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.

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