Geode Capital Management LLC Has $172.57 Million Stock Holdings in Kinross Gold Corporation $KGC

Geode Capital Management LLC increased its holdings in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 21.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,639,787 shares of the mining company’s stock after purchasing an additional 1,876,764 shares during the period. Geode Capital Management LLC’s holdings in Kinross Gold were worth $172,571,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new stake in shares of Kinross Gold during the 1st quarter worth approximately $55,000. Headlands Technologies LLC bought a new position in Kinross Gold during the first quarter worth $77,000. IFP Advisors Inc grew its holdings in Kinross Gold by 19.1% in the second quarter. IFP Advisors Inc now owns 5,210 shares of the mining company’s stock worth $81,000 after purchasing an additional 835 shares during the period. Wealth Preservation Advisors LLC acquired a new stake in Kinross Gold in the first quarter worth $84,000. Finally, Arista Wealth Management LLC bought a new stake in Kinross Gold in the second quarter valued at $156,000. 63.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on KGC. Wall Street Zen cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Canaccord Genuity Group raised their price objective on Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a research note on Thursday, August 7th. Cormark lowered Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, UBS Group increased their target price on Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Four investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $27.56.

Kinross Gold Stock Performance

Shares of KGC opened at $25.39 on Wednesday. The firm has a market capitalization of $30.65 billion, a P/E ratio of 20.48, a P/E/G ratio of 0.42 and a beta of 0.60. Kinross Gold Corporation has a 52 week low of $8.99 and a 52 week high of $27.84. The stock has a 50 day moving average price of $24.31 and a two-hundred day moving average price of $19.33. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. Kinross Gold’s quarterly revenue was up 25.8% on a year-over-year basis. Equities analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.6%. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is presently 9.79%.

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.