Legal & General Group Plc Boosts Stock Holdings in Kinross Gold Corporation $KGC

Legal & General Group Plc raised its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 7.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,381,589 shares of the mining company’s stock after acquiring an additional 527,494 shares during the period. Legal & General Group Plc’s holdings in Kinross Gold were worth $115,125,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Boston Partners grew its position in shares of Kinross Gold by 36.5% during the first quarter. Boston Partners now owns 47,526,913 shares of the mining company’s stock valued at $632,797,000 after purchasing an additional 12,705,061 shares in the last quarter. AustralianSuper Pty Ltd boosted its stake in Kinross Gold by 127.2% during the second quarter. AustralianSuper Pty Ltd now owns 6,107,913 shares of the mining company’s stock valued at $95,509,000 after buying an additional 3,419,440 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Kinross Gold by 95.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock valued at $87,639,000 after buying an additional 3,398,687 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Kinross Gold by 55.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 6,387,031 shares of the mining company’s stock valued at $80,481,000 after buying an additional 2,288,753 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Kinross Gold by 21.4% in the 2nd quarter. Geode Capital Management LLC now owns 10,639,787 shares of the mining company’s stock worth $172,571,000 after acquiring an additional 1,876,764 shares during the last quarter. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Performance

NYSE:KGC opened at $26.01 on Tuesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.45 and a current ratio of 2.84. The stock’s fifty day moving average is $24.46 and its 200 day moving average is $19.61. The firm has a market capitalization of $31.40 billion, a PE ratio of 20.97, a PEG ratio of 0.42 and a beta of 0.60. Kinross Gold Corporation has a fifty-two week low of $8.99 and a fifty-two week high of $27.84.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings data on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The business 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 business posted $0.24 earnings per share. The business’s revenue was up 25.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th will be issued a dividend of $0.035 per share. This represents a $0.14 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, November 26th. This is a positive change from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is currently 9.79%.

Analysts Set New Price Targets

A number of research analysts have recently commented on KGC shares. Weiss Ratings reiterated a “buy (a)” rating on shares of Kinross Gold in a research report on Friday, October 31st. CIBC boosted their price target on shares of Kinross Gold from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Wall Street Zen upgraded shares of Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday. UBS Group lifted their price objective on shares of Kinross Gold from $27.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Zacks Research upgraded shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Friday, October 17th. Four research 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 stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $27.69.

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.