Penserra Capital Management LLC Takes Position in Kinross Gold Corporation $KGC

Penserra Capital Management LLC purchased a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 42,178 shares of the mining company’s stock, valued at approximately $1,048,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in KGC. Norges Bank purchased a new stake in shares of Kinross Gold in the second quarter valued at $389,025,000. Man Group plc raised its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after buying an additional 5,411,491 shares during the period. Bank of America Corp DE lifted its stake in Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after acquiring an additional 3,617,320 shares in the last quarter. AustralianSuper Pty Ltd boosted its position in Kinross Gold by 127.2% during the 2nd quarter. AustralianSuper Pty Ltd now owns 6,107,913 shares of the mining company’s stock worth $95,509,000 after acquiring an additional 3,419,440 shares during the period. Finally, Invesco Ltd. boosted its position in Kinross Gold by 47.5% during the 2nd quarter. Invesco Ltd. now owns 8,947,418 shares of the mining company’s stock worth $139,848,000 after acquiring an additional 2,880,097 shares during the period. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on KGC shares. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a research report on Wednesday, January 28th. UBS Group set a $43.00 target price on shares of Kinross Gold in a research report on Friday, January 30th. Scotiabank boosted their price target on shares of Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Desjardins assumed coverage on shares of Kinross Gold in a research note on Friday, November 28th. They issued a “buy” rating on the stock. Finally, Wall Street Zen upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 18th. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Kinross Gold currently has an average rating of “Moderate Buy” and an average target price of $34.81.

Kinross Gold Stock Up 2.7%

Kinross Gold stock opened at $32.08 on Friday. The company has a current ratio of 2.83, a quick ratio of 1.68 and a debt-to-equity ratio of 0.15. Kinross Gold Corporation has a 1-year low of $10.32 and a 1-year high of $39.11. The firm’s fifty day simple moving average is $30.89 and its 200-day simple moving average is $25.42. The company has a market capitalization of $38.49 billion, a P/E ratio of 22.43, a P/E/G ratio of 0.36 and a beta of 0.74.

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.