Allspring Global Investments Holdings LLC Cuts Stock Holdings in Kinross Gold Corporation $KGC

Allspring Global Investments Holdings LLC lessened its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,435,483 shares of the mining company’s stock after selling 152,982 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Kinross Gold were worth $38,084,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in shares of Kinross Gold in the 1st quarter worth $55,000. Farther Finance Advisors LLC increased its stake in 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. Headlands Technologies LLC purchased a new position in shares of Kinross Gold in the 1st quarter worth about $77,000. SBI Securities Co. Ltd. raised its holdings in shares of Kinross Gold by 39.3% in the 1st 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, IFP Advisors Inc lifted its stake in shares of Kinross Gold by 19.1% in the 2nd quarter. IFP Advisors Inc now owns 5,210 shares of the mining company’s stock valued at $81,000 after purchasing an additional 835 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Price Performance

KGC opened at $26.93 on Thursday. Kinross Gold Corporation has a twelve month low of $8.99 and a twelve month high of $27.45. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16. The firm has a market cap of $32.65 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 0.81 and a beta of 0.64. The company has a fifty day simple moving average of $22.29 and a 200 day simple moving average of $17.45.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.11. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period last year, the firm earned $0.14 earnings per share. The company’s revenue was up 41.7% on a year-over-year basis. Equities research analysts expect 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, September 4th. Shareholders of record on Thursday, August 21st were given a $0.03 dividend. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, August 21st. Kinross Gold’s dividend payout ratio is presently 9.68%.

Wall Street Analyst Weigh In

KGC has been the subject of a number of research analyst reports. Jefferies Financial Group raised shares of Kinross Gold from a “hold” rating to a “buy” rating and increased their target price for the stock from $14.00 to $18.00 in a research report on Thursday, June 26th. TD Securities increased their price objective on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Weiss Ratings restated a “buy (a-)” rating on shares of Kinross Gold in a report on Wednesday, October 8th. National Bankshares reiterated an “outperform” rating on shares of Kinross Gold in a report on Tuesday, June 24th. Finally, Canaccord Genuity Group boosted their price objective on Kinross Gold from $28.00 to $29.50 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $25.19.

Kinross Gold Company Profile

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.