1832 Asset Management L.P. Sells 849,362 Shares of Kinross Gold Corporation $KGC

1832 Asset Management L.P. cut its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 11.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,567,601 shares of the mining company’s stock after selling 849,362 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.53% of Kinross Gold worth $82,817,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in KGC. Boston Partners lifted its holdings in shares of Kinross Gold by 36.5% during the first quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock valued at $632,797,000 after acquiring an additional 12,705,061 shares during the period. Man Group plc lifted its holdings in shares of Kinross Gold by 174.2% during the fourth quarter. Man Group plc now owns 9,243,267 shares of the mining company’s stock valued at $85,685,000 after acquiring an additional 5,871,904 shares during the period. Artemis Investment Management LLP lifted its holdings in shares of Kinross Gold by 365.8% during the first quarter. Artemis Investment Management LLP now owns 6,876,921 shares of the mining company’s stock valued at $86,718,000 after acquiring an additional 5,400,447 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Kinross Gold during the first quarter valued at $33,877,000. Finally, Merewether Investment Management LP bought a new position in shares of Kinross Gold during the fourth quarter valued at $23,765,000. 63.69% of the stock is owned by institutional investors.

Kinross Gold Stock Performance

Kinross Gold stock opened at $19.5840 on Friday. The stock has a 50-day simple moving average of $16.63 and a 200 day simple moving average of $14.38. The company has a quick ratio of 1.45, a current ratio of 2.84 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a 12-month low of $8.31 and a 12-month high of $19.81. The stock has a market capitalization of $23.80 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 0.65 and a beta of 0.55.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.11. The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The firm’s revenue for the quarter was up 41.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.14 earnings per share. On average, research analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Thursday, August 21st will be given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Thursday, August 21st. Kinross Gold’s dividend payout ratio (DPR) is presently 9.68%.

Analyst Ratings Changes

A number of brokerages have issued reports on KGC. National Bankshares reissued an “outperform” rating on shares of Kinross Gold in a report on Tuesday, June 24th. Raymond James Financial raised Kinross Gold to a “hold” rating and set a $15.00 price objective for the company in a report on Monday, June 30th. Jefferies Financial Group raised Kinross Gold from a “hold” rating to a “buy” rating and lifted their price target for the company from $14.00 to $18.00 in a report on Thursday, June 26th. CIBC lifted their price target on Kinross Gold from $21.00 to $22.00 and gave the company an “outperformer” rating in a report on Friday, August 1st. Finally, Canaccord Genuity Group lifted their price target on Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Kinross Gold has a consensus rating of “Buy” and an average target price of $20.07.

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.