Purpose Unlimited Inc. Purchases New Shares in Kinross Gold Corporation $KGC

Purpose Unlimited Inc. purchased a new position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 135,000 shares of the mining company’s stock, valued at approximately $3,802,000.

A number of other large investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Kinross Gold in the fourth quarter valued at approximately $518,656,000. Van ECK Associates Corp raised its stake in Kinross Gold by 7.8% in the 3rd quarter. Van ECK Associates Corp now owns 107,960,623 shares of the mining company’s stock valued at $2,682,791,000 after purchasing an additional 7,825,336 shares during the last quarter. AQR Capital Management LLC raised its stake in Kinross Gold by 4,443.4% in the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock valued at $189,808,000 after purchasing an additional 6,590,380 shares during the last quarter. Man Group plc lifted its holdings in Kinross Gold by 47.8% in the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Kinross Gold by 81.2% in the 2nd quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after purchasing an additional 3,617,320 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

KGC has been the topic of several recent research reports. Weiss Ratings cut shares of Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada upgraded shares of Kinross Gold from a “sector perform” rating to an “outperform” rating and increased their target price for the company from $36.00 to $45.00 in a research report on Thursday, March 12th. UBS Group decreased their price target on shares of Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. Finally, ATB Cormark Capital Markets raised shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $38.81.

Kinross Gold Trading Down 0.0%

Shares of KGC opened at $26.66 on Friday. Kinross Gold Corporation has a 12-month low of $14.71 and a 12-month high of $39.11. The firm has a market capitalization of $31.80 billion, a P/E ratio of 11.30, a P/E/G ratio of 0.94 and a beta of 0.71. The firm has a 50-day moving average price of $29.76 and a 200 day moving average price of $30.91. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.38 billion. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. Kinross Gold’s quarterly revenue was up 60.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.30 earnings per share. Sell-side analysts forecast that Kinross Gold Corporation will post 2.91 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were issued a dividend of $0.04 per share. The ex-dividend date was Thursday, May 21st. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. Kinross Gold’s dividend payout ratio (DPR) is currently 6.78%.

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.