Gabelli Funds LLC Cuts Stake in Kinross Gold Corporation $KGC

Gabelli Funds LLC lowered its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 13.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,797,500 shares of the mining company’s stock after selling 609,000 shares during the period. Kinross Gold makes up approximately 0.6% of Gabelli Funds LLC’s holdings, making the stock its 27th largest holding. Gabelli Funds LLC’s holdings in Kinross Gold were worth $94,368,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Kinross Gold in the second quarter worth $389,025,000. Man Group plc boosted its holdings in shares of Kinross Gold by 47.8% during the 2nd 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 in the last quarter. Bank of America Corp DE lifted its holdings in shares of Kinross Gold by 81.2% during the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after purchasing an additional 3,617,320 shares during the last quarter. AustralianSuper Pty Ltd boosted its position in shares of Kinross Gold by 50.6% in the 3rd quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock worth $228,227,000 after purchasing an additional 3,089,959 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Kinross Gold by 47.5% in the 2nd quarter. Invesco Ltd. now owns 8,947,418 shares of the mining company’s stock worth $139,848,000 after purchasing an additional 2,880,097 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on KGC shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 price objective on shares of Kinross Gold in a research report on Sunday, December 7th. Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Monday, March 2nd. UBS Group set a $43.00 target price on Kinross Gold in a research note on Friday, January 30th. Scotiabank lifted their target price on Kinross Gold from $32.00 to $45.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Desjardins began coverage on shares of Kinross Gold in a report on Friday, November 28th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $36.31.

Kinross Gold Price Performance

NYSE:KGC opened at $32.54 on Friday. The stock has a market cap of $39.04 billion, a PE ratio of 16.60, a P/E/G ratio of 1.60 and a beta of 0.73. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 52 week low of $10.42 and a 52 week high of $39.11. The business’s 50-day simple moving average is $33.45 and its two-hundred day simple moving average is $27.71.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, February 18th. The mining company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.55 by $0.12. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm had revenue of $2.01 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the previous year, the firm earned $0.20 earnings per share. The company’s quarterly revenue was up 42.9% compared to the same quarter last year. As a group, analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be issued a dividend of $0.04 per share. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s payout ratio is currently 7.14%.

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.