Deutsche Bank AG Takes $217.80 Million Position in Kinross Gold Corporation $KGC

Deutsche Bank AG purchased a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 9,221,000 shares of the mining company’s stock, valued at approximately $217,800,000.

A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Kinross Gold during the 4th quarter worth $518,656,000. AQR Capital Management LLC grew its holdings in shares of Kinross Gold by 4,443.4% during the 4th quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after purchasing an additional 6,590,380 shares in the last quarter. Man Group plc grew its holdings in shares of Kinross Gold by 47.8% during the 2nd quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after purchasing an additional 5,411,491 shares in the last quarter. Bank of America Corp DE increased its position in shares of Kinross Gold by 81.2% in the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock worth $126,191,000 after purchasing an additional 3,617,320 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new position in shares of Kinross Gold in the third quarter worth $74,996,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Price Performance

Shares of NYSE:KGC opened at $27.12 on Wednesday. Kinross Gold Corporation has a one year low of $18.65 and a one year high of $39.11. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.89 and a quick ratio of 1.95. The company has a market cap of $32.17 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 0.73 and a beta of 0.78. The firm has a 50 day simple moving average of $24.85 and a 200 day simple moving average of $29.14.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.05. The company had revenue of $2.22 billion during the quarter, compared to the consensus estimate of $2.24 billion. Kinross Gold had a net margin of 37.52% and a return on equity of 34.00%. The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 earnings per share. Research analysts predict that Kinross Gold Corporation will post 2.63 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Analysts Set New Price Targets

Several research firms recently weighed in on KGC. Royal Bank Of Canada cut their price objective on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Zacks Research lowered shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Scotiabank dropped their target price on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research report on Tuesday, July 14th. Jefferies Financial Group cut their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a report on Monday, July 6th. Finally, UBS Group reduced their price target on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Kinross Gold has a consensus rating of “Moderate Buy” and an average target price of $38.43.

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.