CIBC Asset Management Inc Purchases 477,529 Shares of Kinross Gold Co. (NYSE:KGC)

CIBC Asset Management Inc raised its position in Kinross Gold Co. (NYSE:KGC) (TSE:K) by 8.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,050,512 shares of the mining company’s stock after purchasing an additional 477,529 shares during the period. CIBC Asset Management Inc owned 0.49% of Kinross Gold worth $56,705,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Artemis Investment Management LLP raised its stake in Kinross Gold by 321.5% in the second quarter. Artemis Investment Management LLP now owns 6,695,496 shares of the mining company’s stock valued at $55,707,000 after purchasing an additional 5,107,120 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Kinross Gold by 634.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,942,042 shares of the mining company’s stock valued at $36,971,000 after buying an additional 3,405,478 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Kinross Gold by 31.2% during the 2nd quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company’s stock worth $78,946,000 after acquiring an additional 2,267,999 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Kinross Gold by 64.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,749,480 shares of the mining company’s stock worth $29,115,000 after acquiring an additional 1,856,478 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Kinross Gold by 25.5% in the second quarter. Dimensional Fund Advisors LP now owns 8,758,027 shares of the mining company’s stock worth $72,867,000 after acquiring an additional 1,777,076 shares in the last quarter. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on KGC shares. StockNews.com raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 9th. Scotiabank boosted their target price on Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Finally, Jefferies Financial Group increased their price target on shares of Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $10.00.

Kinross Gold Trading Up 1.1 %

Shares of KGC stock opened at $9.39 on Friday. The business has a 50-day moving average of $9.78 and a 200 day moving average of $8.78. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63. Kinross Gold Co. has a 1-year low of $4.75 and a 1-year high of $10.82. The stock has a market capitalization of $11.54 billion, a PE ratio of 15.39, a P/E/G ratio of 0.46 and a beta of 1.22.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.05. Kinross Gold had a return on equity of 11.49% and a net margin of 15.23%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The business’s quarterly revenue was up 29.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Kinross Gold Co. will post 0.69 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be issued a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Wednesday, November 27th. Kinross Gold’s dividend payout ratio (DPR) is presently 19.67%.

Kinross Gold Profile

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.