PCJ Investment Counsel Ltd. Cuts Stock Holdings in Kinross Gold Corporation $KGC

PCJ Investment Counsel Ltd. cut its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 70.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 125,200 shares of the mining company’s stock after selling 295,030 shares during the period. PCJ Investment Counsel Ltd.’s holdings in Kinross Gold were worth $1,956,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in KGC. Banque Cantonale Vaudoise acquired a new position in shares of Kinross Gold in the first quarter worth about $55,000. Headlands Technologies LLC acquired a new position in Kinross Gold in the 1st quarter worth about $77,000. SBI Securities Co. Ltd. boosted its position in Kinross Gold by 39.3% during the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company’s stock worth $80,000 after purchasing an additional 1,787 shares in the last quarter. IFP Advisors Inc grew its holdings in Kinross Gold by 19.1% in the second quarter. IFP Advisors Inc now owns 5,210 shares of the mining company’s stock valued at $81,000 after purchasing an additional 835 shares during the period. Finally, Wealth Preservation Advisors LLC acquired a new stake in Kinross Gold in the first quarter valued at approximately $84,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Up 2.2%

Shares of NYSE KGC opened at $24.30 on Friday. The stock has a market cap of $29.41 billion, a PE ratio of 19.60, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. Kinross Gold Corporation has a 12-month low of $8.99 and a 12-month high of $27.84. The company has a 50-day moving average of $23.80 and a 200 day moving average of $18.73.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the firm posted $0.24 EPS. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. As a group, sell-side analysts predict that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. The ex-dividend date is Wednesday, November 26th. This represents a $0.14 annualized dividend and a dividend yield of 0.6%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is presently 8.39%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on KGC shares. Zacks Research raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Raymond James Financial boosted their price target on shares of Kinross Gold from $20.00 to $25.00 and gave the stock a “market perform” rating in a report on Friday, October 10th. Canaccord Genuity Group increased their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a report on Thursday, August 7th. UBS Group lifted their target price on shares of Kinross Gold from $27.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, TD Securities upped their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $27.56.

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.