Engineers Gate Manager LP Reduces Stock Holdings in Kinross Gold Corporation $KGC

Engineers Gate Manager LP reduced its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 15.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 256,949 shares of the mining company’s stock after selling 48,568 shares during the quarter. Engineers Gate Manager LP’s holdings in Kinross Gold were worth $6,069,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Allianz Asset Management GmbH grew its stake in shares of Kinross Gold by 17.0% in the second quarter. Allianz Asset Management GmbH now owns 9,596,638 shares of the mining company’s stock worth $227,141,000 after acquiring an additional 1,395,576 shares in the last quarter. U S Global Investors Inc. raised its stake in shares of Kinross Gold by 95.4% in the first quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock valued at $5,962,000 after acquiring an additional 95,363 shares in the last quarter. SteelPeak Wealth LLC purchased a new position in Kinross Gold in the first quarter valued at $2,263,000. TD Asset Management Inc boosted its holdings in Kinross Gold by 4.7% in the fourth quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company’s stock valued at $165,814,000 after purchasing an additional 261,861 shares during the period. Finally, Deutsche Bank AG acquired a new position in Kinross Gold during the 2nd quarter worth $217,800,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Price Performance

KGC stock opened at $29.11 on Friday. The business has a 50 day moving average price of $26.96 and a 200 day moving average price of $28.87. The stock has a market cap of $34.49 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 0.78 and a beta of 0.84. Kinross Gold Corporation has a fifty-two week low of $21.94 and a fifty-two week high of $39.11. 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 (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the firm posted $0.44 earnings per share. The firm’s revenue was up 29.5% on a year-over-year basis. Equities research analysts anticipate that Kinross Gold Corporation will post 2.61 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.5%. The ex-dividend date was Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is currently 6.06%.

Wall Street Analyst Weigh In

KGC has been the topic of a number of analyst reports. Wall Street Zen lowered Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 18th. Royal Bank Of Canada cut their target price on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Jefferies Financial Group reduced their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, UBS Group decreased their price target on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.43.

Kinross Gold Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company’s operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.