The Manufacturers Life Insurance Company Increases Stake in Kinross Gold Corporation $KGC

The Manufacturers Life Insurance Company boosted its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 9.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 10,014,321 shares of the mining company’s stock after purchasing an additional 854,802 shares during the period. The Manufacturers Life Insurance Company’s holdings in Kinross Gold were worth $305,888,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of KGC. AQR Capital Management LLC grew its stake in Kinross Gold by 35.1% during the 1st quarter. AQR Capital Management LLC now owns 70,370 shares of the mining company’s stock valued at $887,000 after purchasing an additional 18,287 shares during the last quarter. Caxton Associates LLP purchased a new position in Kinross Gold during the 1st quarter worth approximately $158,000. Sivia Capital Partners LLC purchased a new position in Kinross Gold during the 2nd quarter worth approximately $167,000. M&T Bank Corp lifted its stake in Kinross Gold by 9.0% during the 2nd quarter. M&T Bank Corp now owns 16,153 shares of the mining company’s stock valued at $252,000 after acquiring an additional 1,328 shares during the period. Finally, AXA S.A. acquired a new stake in Kinross Gold during the 2nd quarter valued at approximately $2,483,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analyst Ratings Changes

KGC has been the topic of a number of research reports. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. UBS Group decreased their target price on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Royal Bank Of Canada lowered their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group reduced their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Finally, Scotiabank decreased their price objective on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.31.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $23.91 on Tuesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.83 and a current ratio of 2.84. The firm has a fifty day moving average of $25.65 and a 200 day moving average of $30.13. The firm has a market cap of $28.36 billion, a PE ratio of 10.13, a PEG ratio of 0.64 and a beta of 0.78. Kinross Gold Corporation has a one year low of $15.37 and a one year high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results 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 business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 earnings per share. As a group, research analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were issued a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold’s payout ratio is presently 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.