Scotia Capital Inc. Trims Position in Kinross Gold Co. (NYSE:KGC)

Scotia Capital Inc. lessened its stake in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) by 57.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,569 shares of the mining company’s stock after selling 16,784 shares during the quarter. Scotia Capital Inc.’s holdings in Kinross Gold were worth $48,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of KGC. Acadian Asset Management LLC grew its holdings in shares of Kinross Gold by 4,499.6% during the second quarter. Acadian Asset Management LLC now owns 2,320,244 shares of the mining company’s stock worth $8,985,000 after purchasing an additional 2,269,800 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in Kinross Gold in the first quarter worth approximately $7,003,000. Russell Investments Group Ltd. boosted its stake in Kinross Gold by 849.8% in the second quarter. Russell Investments Group Ltd. now owns 1,050,191 shares of the mining company’s stock worth $4,074,000 after buying an additional 939,623 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Kinross Gold by 24.1% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,499,958 shares of the mining company’s stock worth $17,425,000 after buying an additional 873,800 shares in the last quarter. Finally, Korea Investment CORP boosted its stake in Kinross Gold by 63.7% in the second quarter. Korea Investment CORP now owns 2,110,700 shares of the mining company’s stock worth $8,173,000 after buying an additional 821,300 shares in the last quarter. 54.86% of the stock is owned by institutional investors and hedge funds.

KGC stock traded down $0.07 during midday trading on Wednesday, hitting $5.11. The company had a trading volume of 815,563 shares, compared to its average volume of 14,726,701. The company has a current ratio of 2.88, a quick ratio of 1.16 and a debt-to-equity ratio of 0.41. The stock has a market cap of $6.56 billion, a price-to-earnings ratio of 51.19 and a beta of -0.07. The stock’s 50 day moving average price is $4.86 and its 200 day moving average price is $3.84. Kinross Gold Co. has a 52 week low of $2.38 and a 52 week high of $5.32.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 31st. The mining company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The company had revenue of $837.80 million during the quarter, compared to the consensus estimate of $820.97 million. Kinross Gold had a return on equity of 2.78% and a net margin of 0.13%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. Analysts predict that Kinross Gold Co. will post 0.26 earnings per share for the current year.

Several analysts have issued reports on the company. TD Securities upped their target price on Kinross Gold from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup upped their target price on Kinross Gold from $4.00 to $5.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Raymond James reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Kinross Gold in a research note on Friday, August 2nd. Canaccord Genuity reaffirmed a “buy” rating on shares of Kinross Gold in a research note on Friday, July 19th. Finally, ValuEngine raised Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $4.12.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties in the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania. It is also involved in the reclamation of gold mining properties; and production and sale of silver.

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Institutional Ownership by Quarter for Kinross Gold (NYSE:KGC)

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