Ninepoint Partners LP Buys New Position in Kinross Gold Corporation $KGC

Ninepoint Partners LP purchased a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,067,572 shares of the mining company’s stock, valued at approximately $25,216,000. Kinross Gold comprises 1.9% of Ninepoint Partners LP’s holdings, making the stock its 13th biggest holding. Ninepoint Partners LP owned about 0.09% of Kinross Gold at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Ascentis Independent Advisors acquired a new position in Kinross Gold in the 1st quarter worth approximately $29,000. Virtus Advisers LLC acquired a new stake in shares of Kinross Gold in the third quarter worth $28,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Kinross Gold by 85.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after purchasing an additional 589 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Kinross Gold by 80.7% during the first quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company’s stock valued at $41,000 after purchasing an additional 605 shares during the period. Finally, Manchester Capital Management LLC purchased a new stake in Kinross Gold in the fourth quarter valued at $40,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on KGC. Wall Street Zen cut Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. UBS Group decreased their target price on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Zacks Research lowered shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Freedom Capital raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a 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 Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $38.43.

Kinross Gold Price Performance

KGC stock opened at $31.49 on Friday. Kinross Gold Corporation has a 52-week low of $19.07 and a 52-week high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. The stock has a market cap of $37.35 billion, a price-to-earnings ratio of 11.93, a price-to-earnings-growth ratio of 0.80 and a beta of 0.78. The business has a fifty day moving average of $25.11 and a two-hundred day moving average of $29.09.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The company’s quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.44 EPS. As a group, research analysts anticipate that Kinross Gold Corporation will post 2.63 earnings per share for the current year.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be issued a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Thursday, August 20th. Kinross Gold’s dividend payout ratio is currently 6.06%.

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.