Geode Capital Management LLC Buys 701,650 Shares of Kinross Gold Corporation $KGC

Geode Capital Management LLC boosted its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,987,140 shares of the mining company’s stock after purchasing an additional 701,650 shares during the quarter. Geode Capital Management LLC’s holdings in Kinross Gold were worth $383,694,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Turning Point Benefit Group Inc. boosted its position in Kinross Gold by 6.6% during the fourth quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company’s stock worth $178,000 after purchasing an additional 393 shares during the period. Armstrong Advisory Group Inc. boosted its position in Kinross Gold by 32.9% during the fourth quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company’s stock worth $55,000 after purchasing an additional 483 shares during the period. Laird Norton Wetherby Wealth Management LLC boosted its position in Kinross Gold by 2.1% during the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock worth $629,000 after purchasing an additional 521 shares during the period. Cadence Wealth Management LLC boosted its position in shares of Kinross Gold by 1.3% in the third quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock valued at $1,149,000 after acquiring an additional 581 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Kinross Gold by 7.0% in the third quarter. Parallel Advisors LLC now owns 9,018 shares of the mining company’s stock valued at $224,000 after acquiring an additional 587 shares during the period. 63.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. UBS Group cut their price objective on shares of Kinross Gold from $43.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, March 27th. TD Securities cut their price objective on shares of Kinross Gold from $43.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, March 3rd. Royal Bank Of Canada raised shares of Kinross Gold from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $36.00 to $45.00 in a research report on Thursday, March 12th. Canadian Imperial Bank of Commerce set a $54.00 target price on Kinross Gold in a research note on Wednesday, February 4th. Finally, Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $38.81.

Kinross Gold Stock Performance

Kinross Gold stock opened at $30.23 on Monday. The business has a 50 day moving average of $30.63 and a 200-day moving average of $30.85. Kinross Gold Corporation has a 1 year low of $14.49 and a 1 year high of $39.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83. The company has a market capitalization of $36.05 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.08 and a beta of 0.71.

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 (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.03. The company had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The firm’s revenue was up 60.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.30 earnings per share. On average, equities research analysts predict that Kinross Gold Corporation will post 2.92 earnings per share for the current year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Thursday, May 21st. Kinross Gold’s payout ratio is currently 6.78%.

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.