CIBC Asset Management Inc Grows Holdings in Kinross Gold Corporation $KGC

CIBC Asset Management Inc lifted its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,452,170 shares of the mining company’s stock after buying an additional 692,176 shares during the quarter. CIBC Asset Management Inc’s holdings in Kinross Gold were worth $153,850,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in KGC. Caitlin John LLC acquired a new stake in Kinross Gold in the third quarter valued at $26,000. V Square Quantitative Management LLC acquired a new position in Kinross Gold during the 4th quarter worth $26,000. Financial Management Professionals Inc. bought a new stake in shares of Kinross Gold in the 4th quarter worth about $26,000. Virtus Advisers LLC bought a new stake in shares of Kinross Gold in the 3rd quarter worth about $28,000. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after purchasing an additional 589 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Down 0.7%

Kinross Gold stock opened at $28.92 on Wednesday. Kinross Gold Corporation has a 1 year low of $14.71 and a 1 year high of $39.11. The firm’s 50-day moving average is $30.67 and its 200-day moving average is $30.88. 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 company has a market cap of $34.49 billion, a P/E ratio of 12.26, a PEG ratio of 1.04 and a beta of 0.71.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm earned $0.30 EPS. The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. On average, equities analysts expect that Kinross Gold Corporation will post 2.92 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st will be issued a $0.04 dividend. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a yield of 0.6%. Kinross Gold’s dividend payout ratio (DPR) is currently 6.78%.

Analyst Upgrades and Downgrades

KGC has been the topic of a number of recent analyst reports. UBS Group cut their target price on shares of Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Royal Bank Of Canada raised Kinross Gold from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $36.00 to $45.00 in a report on Thursday, March 12th. Weiss Ratings cut Kinross Gold from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Wednesday, May 20th. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. Finally, Freedom Capital upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.81.

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.