Louisbourg Investments Inc. Grows Position in Kinross Gold Corporation $KGC

Louisbourg Investments Inc. increased its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 14.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 196,100 shares of the mining company’s stock after acquiring an additional 24,400 shares during the quarter. Louisbourg Investments Inc.’s holdings in Kinross Gold were worth $5,983,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Korea Investment CORP increased its position in Kinross Gold by 372.4% in the 3rd quarter. Korea Investment CORP now owns 3,294,945 shares of the mining company’s stock valued at $81,793,000 after acquiring an additional 2,597,455 shares during the period. TD Asset Management Inc lifted its position in Kinross Gold by 4.7% during the 4th quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company’s stock worth $165,814,000 after acquiring an additional 261,861 shares during the period. Prospera Financial Services Inc lifted its position in Kinross Gold by 369.0% during the 4th quarter. Prospera Financial Services Inc now owns 86,626 shares of the mining company’s stock worth $2,439,000 after acquiring an additional 68,154 shares during the period. Man Group plc grew its stake in shares of Kinross Gold by 7.6% in the 4th quarter. Man Group plc now owns 12,526,669 shares of the mining company’s stock valued at $352,751,000 after purchasing an additional 882,373 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in shares of Kinross Gold in the 3rd quarter valued at approximately $2,060,000. 63.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on KGC. Royal Bank Of Canada upgraded Kinross Gold from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $36.00 to $45.00 in a research note on Thursday, March 12th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. UBS Group dropped their price objective on shares of Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Freedom Capital upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Finally, Weiss Ratings cut shares of Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Kinross Gold currently has an average rating of “Moderate Buy” and a consensus target price of $38.81.

Kinross Gold Stock Performance

NYSE:KGC opened at $24.25 on Friday. The firm’s fifty day simple moving average is $28.88 and its 200-day simple moving average is $30.81. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The stock has a market cap of $28.83 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 0.86 and a beta of 0.71. Kinross Gold Corporation has a fifty-two week low of $14.71 and a fifty-two week high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data 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 firm 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 last year, the business earned $0.30 earnings per share. Analysts expect that Kinross Gold Corporation will post 2.91 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold’s dividend payout ratio (DPR) is presently 6.78%.

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.