Norges Bank Takes Position in Kinross Gold Corporation $KGC

Norges Bank bought a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,414,288 shares of the mining company’s stock, valued at approximately $518,656,000.

A number of other institutional investors also recently modified their holdings of KGC. Van ECK Associates Corp raised its stake in shares of Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after acquiring an additional 7,825,336 shares during the last quarter. Man Group plc raised its holdings in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after buying an additional 5,411,491 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Kinross Gold by 81.2% in the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after buying an additional 3,617,320 shares during the last quarter. Quadrature Capital Ltd bought a new position in shares of Kinross Gold in the third quarter valued at about $80,299,000. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Kinross Gold in the third quarter valued at about $74,996,000. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Performance

Shares of Kinross Gold stock opened at $30.23 on Monday. The firm has a fifty day moving average of $30.63 and a two-hundred day moving average of $30.85. The stock has a market capitalization of $36.05 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.08 and a beta of 0.71. Kinross Gold Corporation has a 52 week low of $14.49 and a 52 week high of $39.11. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.68 by $0.03. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS. As a group, equities research analysts predict that Kinross Gold Corporation will post 2.92 EPS for the current year.

Kinross Gold Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio is 6.78%.

Analyst Ratings Changes

A number of research firms recently issued reports on KGC. Weiss Ratings cut Kinross Gold from a “buy (a-)” rating to a “buy (b+)” rating in a report on Wednesday, May 20th. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. Wall Street Zen cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. Finally, TD Securities dropped their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $38.81.

About Kinross Gold

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.