Caisse de depot et placement du Quebec Buys Shares of 559,770 Kinross Gold Corporation $KGC

Caisse de depot et placement du Quebec purchased a new position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 559,770 shares of the mining company’s stock, valued at approximately $13,249,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Kinross Gold by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company’s stock worth $1,433,345,000 after purchasing an additional 148,845 shares during the last quarter. Boston Partners increased its stake in Kinross Gold by 1.6% in the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock valued at $1,133,463,000 after buying an additional 707,498 shares during the last quarter. FIL Ltd increased its stake in Kinross Gold by 4.8% in the 4th quarter. FIL Ltd now owns 29,146,959 shares of the mining company’s stock valued at $820,969,000 after buying an additional 1,326,833 shares during the last quarter. Renaissance Technologies LLC lifted its position in Kinross Gold by 2.3% during the 1st quarter. Renaissance Technologies LLC now owns 25,546,413 shares of the mining company’s stock worth $779,677,000 after buying an additional 571,100 shares in the last quarter. Finally, Norges Bank bought a new stake in Kinross Gold during the 4th quarter worth about $518,656,000. 63.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on KGC shares. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Scotiabank decreased their price target on Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 14th. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, July 31st. Royal Bank Of Canada dropped their price objective on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Jefferies Financial Group cut their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold Stock Performance

KGC opened at $31.30 on Friday. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08. Kinross Gold Corporation has a 12-month low of $20.19 and a 12-month high of $39.11. The business has a 50 day moving average of $25.78 and a 200-day moving average of $29.13. The stock has a market cap of $37.13 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 0.88 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business had revenue of $2.22 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business earned $0.44 EPS. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. On average, equities research analysts expect that Kinross Gold Corporation will post 2.61 earnings per share for the current year.

Kinross Gold Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a $0.04 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 annualized dividend and a dividend yield of 0.5%. Kinross Gold’s dividend payout ratio is presently 6.06%.

Kinross Gold Company Profile

Kinross Gold Corporation (NYSE: KGC) is a Toronto-based precious metals mining company primarily focused on the exploration, development and production of gold, with silver recovered as a by-product at some operations. The company’s activities span the full mining lifecycle, including discovery and resource delineation, mine construction and operation, ore processing, and eventual site reclamation and closure. Kinross sells refined gold produced at its processing facilities and manages associated logistics and processing arrangements to deliver metal to market.

Kinross operates a portfolio of producing mines and development projects across multiple regions, with a significant presence in the Americas and West Africa.