Bank of Nova Scotia Raises Stock Holdings in Kinross Gold Corporation $KGC

Bank of Nova Scotia grew its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 2.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,419,109 shares of the mining company’s stock after acquiring an additional 226,612 shares during the quarter. Bank of Nova Scotia’s holdings in Kinross Gold were worth $131,526,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its position in Kinross Gold by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 47,926,769 shares of the mining company’s stock valued at $603,829,000 after purchasing an additional 561,563 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new stake in shares of Kinross Gold in the first quarter valued at about $958,000. Deutsche Bank AG boosted its stake in shares of Kinross Gold by 7.6% during the first quarter. Deutsche Bank AG now owns 5,098,322 shares of the mining company’s stock worth $64,290,000 after buying an additional 359,461 shares during the period. Headlands Technologies LLC purchased a new position in shares of Kinross Gold during the first quarter worth about $77,000. Finally, Citigroup Inc. increased its position in Kinross Gold by 15.9% in the 1st quarter. Citigroup Inc. now owns 794,311 shares of the mining company’s stock valued at $10,006,000 after acquiring an additional 109,167 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. TD Securities increased their price objective on Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Desjardins assumed coverage on Kinross Gold in a report on Friday, November 28th. They set a “buy” rating for the company. Raymond James Financial boosted their price objective on shares of Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, October 10th. UBS Group upped their price objective on shares of Kinross Gold from $31.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Cormark downgraded shares of Kinross Gold from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 29th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $29.81.

Kinross Gold Price Performance

Kinross Gold stock opened at $27.29 on Monday. The company has a market cap of $32.94 billion, a P/E ratio of 19.08, a price-to-earnings-growth ratio of 0.40 and a beta of 0.74. Kinross Gold Corporation has a one year low of $8.99 and a one year high of $28.81. The business has a fifty day moving average of $25.18 and a two-hundred day moving average of $20.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.68 and a current ratio of 2.83.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. The business’s revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. As a group, analysts predict that Kinross Gold Corporation will post 0.81 earnings per share 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 given a dividend of $0.035 per share. This represents a $0.14 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is 9.79%.

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.