Ninepoint Partners LP Buys Shares of 531,820 Kinross Gold Corporation (NYSE:KGC)

Ninepoint Partners LP bought a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 531,820 shares of the mining company’s stock, valued at approximately $6,706,000. Kinross Gold comprises approximately 1.1% of Ninepoint Partners LP’s investment portfolio, making the stock its 11th biggest position.

Several other large investors have also recently bought and sold shares of the company. Mark Sheptoff Financial Planning LLC raised its position in shares of Kinross Gold by 30.4% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 4,302 shares of the mining company’s stock worth $40,000 after acquiring an additional 1,002 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Kinross Gold by 188.6% during the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company’s stock worth $71,000 after acquiring an additional 3,659 shares during the last quarter. Bruce G. Allen Investments LLC grew its stake in Kinross Gold by 68.6% during the first quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company’s stock worth $79,000 after purchasing an additional 2,561 shares during the period. SBI Securities Co. Ltd. grew its stake in Kinross Gold by 39.3% during the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company’s stock worth $80,000 after purchasing an additional 1,787 shares during the period. Finally, Helium Advisors LLC acquired a new stake in Kinross Gold during the fourth quarter worth approximately $97,000. 63.69% of the stock is currently owned by institutional investors.

Kinross Gold Trading Down 1.4%

KGC stock opened at $16.17 on Thursday. The company’s 50-day simple moving average is $15.26 and its 200-day simple moving average is $13.27. The company has a quick ratio of 1.22, a current ratio of 2.83 and a debt-to-equity ratio of 0.17. The firm has a market cap of $19.83 billion, a P/E ratio of 16.50, a PEG ratio of 0.62 and a beta of 0.63. Kinross Gold Corporation has a 52-week low of $7.84 and a 52-week high of $16.52.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, May 6th. The mining company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.08. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.43 billion. Kinross Gold had a net margin of 21.74% and a return on equity of 15.63%. The firm’s revenue for the quarter was up 38.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS. As a group, equities analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Thursday, May 29th were issued a $0.03 dividend. The ex-dividend date of this dividend was Thursday, May 29th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.74%. Kinross Gold’s payout ratio is 12.24%.

Wall Street Analyst Weigh In

KGC has been the subject of a number of research reports. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Friday, April 18th. National Bankshares reiterated an “outperform” rating on shares of Kinross Gold in a report on Tuesday, June 24th. Royal Bank Of Canada upped their price target on Kinross Gold from $14.00 to $19.00 and gave the company a “sector perform” rating in a research report on Wednesday, June 4th. CIBC upped their target price on Kinross Gold from $16.00 to $21.00 and gave the stock an “outperformer” rating in a report on Tuesday, July 15th. Finally, Raymond James Financial upgraded Kinross Gold to a “hold” rating and set a $15.00 price target on the stock in a research note on Monday, June 30th. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $18.00.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.