Man Group plc Invests $298.15 Million in Kinross Gold Corporation $KGC

Man Group plc acquired a new position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 12,621,448 shares of the mining company’s stock, valued at approximately $298,152,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Ascentis Independent Advisors acquired a new stake in Kinross Gold in the first quarter valued at approximately $29,000. Virtus Advisers LLC acquired a new position in shares of Kinross Gold during the third quarter worth $28,000. Harvest Fund Management Co. Ltd increased its position in shares of Kinross Gold by 85.2% during the third 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 in the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Kinross Gold by 80.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,355 shares of the mining company’s stock valued at $41,000 after purchasing an additional 605 shares during the last quarter. Finally, Manchester Capital Management LLC purchased a new stake in shares of Kinross Gold during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Trading Up 1.4%

NYSE KGC opened at $33.43 on Wednesday. Kinross Gold Corporation has a 12-month low of $19.77 and a 12-month high of $39.11. The company has a fifty day simple moving average of $25.47 and a two-hundred day simple moving average of $29.10. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The stock has a market cap of $39.66 billion, a P/E ratio of 12.66, a P/E/G ratio of 0.89 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 earnings per share 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 net margin of 37.52% and a return on equity of 34.00%. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. On average, analysts forecast that Kinross Gold Corporation will post 2.61 earnings per share for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s payout ratio is currently 6.06%.

Wall Street Analysts Forecast Growth

KGC has been the subject of a number of recent analyst reports. Wall Street Zen cut Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Jefferies Financial Group reduced their target price on Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, July 31st. Zacks Research downgraded Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, UBS Group dropped their price target on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.43.

Kinross Gold 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.