Legal & General Group Plc Boosts Position in Kinross Gold Corporation $KGC

Legal & General Group Plc raised its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 7.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,381,589 shares of the mining company’s stock after acquiring an additional 527,494 shares during the quarter. Legal & General Group Plc owned approximately 0.61% of Kinross Gold worth $115,125,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. MAI Capital Management lifted its stake in shares of Kinross Gold by 22.0% in the 2nd quarter. MAI Capital Management now owns 5,022 shares of the mining company’s stock worth $78,000 after purchasing an additional 907 shares during the period. Hillsdale Investment Management Inc. grew its position in Kinross Gold by 6.1% during the second quarter. Hillsdale Investment Management Inc. now owns 2,158,987 shares of the mining company’s stock valued at $33,763,000 after buying an additional 123,974 shares during the period. Magnetar Financial LLC increased its holdings in Kinross Gold by 14.1% during the second quarter. Magnetar Financial LLC now owns 23,868 shares of the mining company’s stock valued at $373,000 after buying an additional 2,946 shares during the last quarter. Swiss National Bank raised its position in Kinross Gold by 6.9% in the second quarter. Swiss National Bank now owns 3,739,218 shares of the mining company’s stock worth $58,208,000 after acquiring an additional 241,600 shares during the period. Finally, Catalyst Funds Management Pty Ltd bought a new position in Kinross Gold in the second quarter worth approximately $2,310,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Trading Up 6.6%

Shares of Kinross Gold stock opened at $26.01 on Tuesday. Kinross Gold Corporation has a fifty-two week low of $8.99 and a fifty-two week high of $27.84. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The company has a market capitalization of $31.40 billion, a P/E ratio of 20.97, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a fifty day moving average of $24.46 and a 200 day moving average of $19.61.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same period last year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was up 25.8% on a year-over-year basis. On average, sell-side analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be paid a dividend of $0.035 per share. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.14 annualized dividend and a yield of 0.5%. Kinross Gold’s dividend payout ratio is 9.79%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial boosted their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research report on Friday, October 10th. CIBC lifted their target price on Kinross Gold from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. UBS Group upped their price target on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Cormark downgraded Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. Four investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $27.69.

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.