Kinross Gold Corporation $KGC Stake Boosted by Spark Investment Management LLC

Spark Investment Management LLC boosted its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 46.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 98,000 shares of the mining company’s stock after purchasing an additional 31,000 shares during the period. Kinross Gold comprises approximately 4.2% of Spark Investment Management LLC’s investment portfolio, making the stock its 8th biggest holding. Spark Investment Management LLC’s holdings in Kinross Gold were worth $1,531,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new position in shares of Kinross Gold during the 1st quarter valued at approximately $55,000. IFP Advisors Inc raised its holdings 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 worth $81,000 after purchasing an additional 835 shares during the period. Headlands Technologies LLC purchased a new position in Kinross Gold in the first quarter valued at approximately $77,000. Wealth Preservation Advisors LLC bought a new position in Kinross Gold during the first quarter valued at $84,000. Finally, Arista Wealth Management LLC purchased a new stake in Kinross Gold in the second quarter worth $156,000. Institutional investors own 63.69% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on KGC shares. Cormark downgraded Kinross Gold from a “moderate buy” rating to a “hold” rating in a research note on Wednesday, October 29th. UBS Group increased their target price on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Zacks Research raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research note on Friday, October 31st. Finally, CIBC raised their price objective on shares of Kinross Gold from $22.00 to $36.00 and gave the stock an “outperformer” rating in a report on Friday, October 10th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $27.56.

Kinross Gold Price Performance

KGC stock opened at $25.39 on Wednesday. The firm has a 50 day moving average of $24.31 and a 200-day moving average of $19.33. The firm has a market capitalization of $30.65 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Kinross Gold Corporation has a 12 month low of $8.99 and a 12 month high of $27.84. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16.

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

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be paid a $0.035 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.6%. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio is currently 9.79%.

Kinross Gold 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.