CenterBook Partners LP Takes Position in Kinross Gold Corporation $KGC

CenterBook Partners LP acquired a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 31,045 shares of the mining company’s stock, valued at approximately $874,000.

Several other institutional investors have also bought and sold shares of KGC. Norges Bank purchased a new position in Kinross Gold in the fourth quarter valued at approximately $518,656,000. Van ECK Associates Corp lifted its stake in Kinross Gold by 7.8% in the third quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after purchasing an additional 7,825,336 shares during the last quarter. Man Group plc lifted its stake in Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares during the last quarter. Bank of America Corp DE lifted its stake in Kinross Gold by 81.2% in 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. Finally, Quadrature Capital Ltd purchased a new position in Kinross Gold in the third quarter valued at approximately $80,299,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on KGC. Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. Weiss Ratings downgraded Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. TD Securities dropped their price objective on Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Royal Bank Of Canada upgraded Kinross Gold from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $36.00 to $45.00 in a research note on Thursday, March 12th. Finally, ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.81.

Kinross Gold Trading Down 6.5%

Shares of KGC stock opened at $23.62 on Thursday. The company’s fifty day simple moving average is $30.47 and its two-hundred day simple moving average is $30.94. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83. Kinross Gold Corporation has a 1 year low of $14.71 and a 1 year high of $39.11. The stock has a market capitalization of $28.17 billion, a price-to-earnings ratio of 10.01, a PEG ratio of 0.89 and a beta of 0.71.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $0.30 EPS. The business’s revenue for the quarter was up 60.8% compared to the same quarter last year. As a group, analysts anticipate that Kinross Gold Corporation will post 2.91 earnings per share for the current year.

Kinross Gold Dividend Announcement

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

Kinross Gold Company 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.