Principal Financial Group Inc. Invests $3.03 Million in Kinross Gold Corporation $KGC

Principal Financial Group Inc. bought a new position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the 3rd quarter, HoldingsChannel reports. The fund bought 121,889 shares of the mining company’s stock, valued at approximately $3,026,000.

Several other institutional investors have also added to or reduced their stakes in KGC. Ballentine Partners LLC increased its position in shares of Kinross Gold by 1.8% in the third quarter. Ballentine Partners LLC now owns 32,144 shares of the mining company’s stock valued at $799,000 after acquiring an additional 565 shares during the period. Evergreen Capital Management LLC grew its stake in shares of Kinross Gold by 1.1% in the second quarter. Evergreen Capital Management LLC now owns 56,135 shares of the mining company’s stock worth $877,000 after purchasing an additional 593 shares during the last quarter. Signaturefd LLC increased its holdings in Kinross Gold by 1.6% during the 3rd quarter. Signaturefd LLC now owns 43,872 shares of the mining company’s stock valued at $1,090,000 after purchasing an additional 680 shares during the period. Armstrong Advisory Group Inc. raised its position in Kinross Gold by 95.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock valued at $36,000 after purchasing an additional 717 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC raised its position in Kinross Gold by 1.4% during the 2nd quarter. Elevation Point Wealth Partners LLC now owns 56,907 shares of the mining company’s stock valued at $889,000 after purchasing an additional 783 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Up 6.4%

Shares of NYSE KGC opened at $34.42 on Tuesday. Kinross Gold Corporation has a 1 year low of $10.32 and a 1 year high of $39.11. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.83 and a quick ratio of 1.68. The firm has a 50-day moving average of $31.70 and a 200 day moving average of $26.25. The stock has a market cap of $41.30 billion, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 0.36 and a beta of 0.74.

Analysts Set New Price Targets

KGC has been the subject of a number of research analyst reports. Cormark lowered Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. UBS Group set a $43.00 target price on shares of Kinross Gold in a research report on Friday, January 30th. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 target price on shares of Kinross Gold in a research note on Sunday, December 7th. Wall Street Zen downgraded shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Zacks Research lowered shares of Kinross Gold from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.81.

Kinross Gold Profile

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.