Canoe Financial LP Trims Stake in Kinross Gold Corporation $KGC

Canoe Financial LP trimmed its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 14.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 138,186 shares of the mining company’s stock after selling 23,573 shares during the quarter. Canoe Financial LP’s holdings in Kinross Gold were worth $4,223,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Van ECK Associates Corp increased its stake in shares of Kinross Gold by 7.8% during 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 buying an additional 7,825,336 shares during the period. Vanguard Group Inc. lifted its stake in Kinross Gold by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company’s stock worth $1,433,345,000 after acquiring an additional 148,845 shares during the period. Boston Partners grew its holdings in Kinross Gold by 1.6% during the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock worth $1,133,463,000 after acquiring an additional 707,498 shares in the last quarter. FIL Ltd grew its holdings in Kinross Gold by 4.8% during the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company’s stock worth $820,969,000 after acquiring an additional 1,326,833 shares in the last quarter. Finally, Norges Bank purchased a new position in Kinross Gold during the 4th quarter valued at about $518,656,000. Institutional investors own 63.69% of the company’s stock.

Analyst Upgrades and Downgrades

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

Kinross Gold Price Performance

Shares of KGC opened at $24.25 on Monday. The company has a 50 day moving average of $28.88 and a two-hundred day moving average of $30.84. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a twelve month low of $14.71 and a twelve month high of $39.11. The company has a market cap of $28.83 billion, a price-to-earnings ratio of 10.28, a price-to-earnings-growth ratio of 0.86 and a beta of 0.71.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.68 by $0.03. The firm 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 business’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.30 EPS. As a group, analysts predict that Kinross Gold Corporation will post 2.91 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders 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 of this dividend was Thursday, May 21st. Kinross Gold’s payout ratio 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.