Sowell Financial Services LLC Buys New Shares in Kinross Gold Corporation $KGC

Sowell Financial Services LLC 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 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 40,398 shares of the mining company’s stock, valued at approximately $973,000.

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

Kinross Gold Trading Down 1.6%

Shares of NYSE:KGC opened at $22.32 on Friday. The firm has a fifty day moving average of $27.18 and a two-hundred day moving average of $27.42. The firm has a market capitalization of $26.38 billion, a P/E ratio of 8.96, a price-to-earnings-growth ratio of 0.75 and a beta of 0.82. Kinross Gold Corporation has a 12-month low of $21.83 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 posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the company posted $0.44 EPS. Kinross Gold’s revenue was up 29.5% on a year-over-year basis. On average, equities analysts expect that Kinross Gold Corporation will post 2.41 EPS for the current fiscal year.

Kinross Gold Announces Dividend

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

Analyst Upgrades and Downgrades

KGC has been the subject of a number of research analyst reports. Jefferies Financial Group reduced their target price on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 6th. Zacks Research upgraded Kinross Gold from a “strong sell” rating to a “hold” rating in a report on Monday, September 7th. Wall Street Zen lowered Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. RBC Dominion Securities set a $39.00 price target on Kinross Gold and gave the company an “outperform” rating in a research report on Thursday. Finally, ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. One equities research 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $37.30.

Kinross Gold Profile

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.