Bank of Nova Scotia Sells 366,605 Shares of Kinross Gold Corporation $KGC

Bank of Nova Scotia lessened its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 6.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,917,986 shares of the mining company’s stock after selling 366,605 shares during the quarter. Bank of Nova Scotia’s holdings in Kinross Gold were worth $150,319,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Kinross Gold during the fourth quarter valued at approximately $26,000. Financial Management Professionals Inc. purchased a new position in shares of Kinross Gold during the fourth quarter valued at about $26,000. Virtus Advisers LLC bought a new stake in Kinross Gold in the 3rd quarter worth approximately $28,000. Ascentis Independent Advisors bought a new stake in Kinross Gold in the first quarter worth $29,000. Finally, Harvest Fund Management Co. Ltd raised its position in shares of Kinross Gold by 85.2% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after buying an additional 589 shares in the last quarter. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wall Street Zen lowered Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. Jefferies Financial Group lowered their price target on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 6th. Scotiabank dropped their target price on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating on the stock in a report on Tuesday, July 14th. Zacks Research downgraded Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Freedom Capital upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.31.

Kinross Gold Stock Performance

Shares of NYSE KGC opened at $23.68 on Friday. Kinross Gold Corporation has a 12 month low of $15.37 and a 12 month high of $39.11. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08. The stock has a market cap of $28.09 billion, a price-to-earnings ratio of 10.03, a PEG ratio of 0.65 and a beta of 0.78. The company has a 50 day simple moving average of $25.83 and a two-hundred day simple moving average of $30.22.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The company’s revenue was up 60.8% on a year-over-year basis. During the same quarter last year, the business posted $0.30 EPS. As a group, analysts predict that Kinross Gold Corporation will post 2.65 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were given a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold’s dividend payout ratio (DPR) is currently 6.78%.

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.