U S Global Investors Inc. Purchases New Holdings in Kinross Gold Corporation $KGC

U S Global Investors Inc. purchased a new stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 389,004 shares of the mining company’s stock, valued at approximately $9,367,000. Kinross Gold makes up approximately 0.9% of U S Global Investors Inc.’s holdings, making the stock its 25th biggest holding.

A number of other institutional investors also recently modified their holdings of the stock. Renaissance Technologies LLC raised its position in Kinross Gold by 2.3% during the first quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company’s stock valued at $779,677,000 after acquiring an additional 571,100 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Kinross Gold by 9.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,014,321 shares of the mining company’s stock valued at $305,888,000 after acquiring an additional 854,802 shares in the last quarter. Man Group plc acquired a new position in shares of Kinross Gold in the second quarter valued at $298,152,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Kinross Gold in the 2nd quarter valued at $264,652,000. Finally, Bank of America Corp DE raised its position in Kinross Gold by 11.4% in the second quarter. Bank of America Corp DE now owns 10,822,887 shares of the mining company’s stock worth $255,637,000 after purchasing an additional 1,106,837 shares in the last quarter. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Stock Performance

Kinross Gold stock opened at $22.62 on Friday. The business’s 50-day moving average price is $27.28 and its two-hundred day moving average price is $27.46. The stock has a market cap of $26.73 billion, a PE ratio of 9.41, a P/E/G ratio of 0.79 and a beta of 0.82. Kinross Gold Corporation has a 12-month low of $21.90 and a 12-month high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same period last year, the firm posted $0.44 earnings per share. As a group, analysts expect that Kinross Gold Corporation will post 2.41 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were paid a dividend of $0.04 per share. The ex-dividend date was Thursday, August 20th. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold’s dividend payout ratio (DPR) is 6.06%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. TD Securities reduced their price target on shares of Kinross Gold from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Zacks Research upgraded Kinross Gold from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Royal Bank Of Canada reduced their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. Finally, UBS Group decreased their price objective on Kinross Gold from $30.00 to $28.00 and set a “buy” rating for the company in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $37.30.

About Kinross Gold

Kinross Gold Corporation is a Canadian gold mining company headquartered in Toronto, Ontario. Founded in 1993, the company explores for, develops and operates gold mines, with silver produced as a byproduct at some operations.

Kinross’s producing assets have included mines in the United States, Brazil, Chile and Mauritania. Its operations have included Fort Knox in Alaska, Round Mountain and Bald Mountain in Nevada, Paracatu in Brazil, La Coipa in Chile and Tasiast in Mauritania. The company also pursues exploration and development projects intended to support future production.

Kinross sells the gold it produces to customers in international bullion markets and manages activities spanning mine development, extraction, processing and reclamation.