Legal & General Group Plc Invests $244.76 Million in Kinross Gold Corporation $KGC

Legal & General Group Plc acquired a new stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,341,184 shares of the mining company’s stock, valued at approximately $244,762,000. Legal & General Group Plc owned about 0.87% of Kinross Gold as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the company. Virtus Advisers LLC acquired a new position in Kinross Gold in the third quarter valued at $28,000. Ascentis Independent Advisors acquired a new stake in Kinross Gold during the 1st quarter worth about $29,000. Harvest Fund Management Co. Ltd raised its position in shares of Kinross Gold by 85.2% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock worth $32,000 after acquiring an additional 589 shares in the last quarter. Brown Brothers Harriman & Co. acquired a new position in shares of Kinross Gold in the 3rd quarter valued at about $38,000. Finally, Manchester Capital Management LLC acquired a new position in shares of Kinross Gold in the 4th quarter valued at about $40,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Stock Down 3.6%

Shares of NYSE:KGC opened at $32.29 on Thursday. The business’s 50 day simple moving average is $25.57 and its two-hundred day simple moving average is $29.11. The firm has a market cap of $38.30 billion, a P/E ratio of 12.23, a PEG ratio of 0.90 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.95 and a current ratio of 2.89. Kinross Gold Corporation has a 52-week low of $19.87 and a 52-week high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.05. The firm had revenue of $2.22 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The company’s revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.44 earnings per share. As a group, research analysts forecast that Kinross Gold Corporation will post 2.61 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Analyst Upgrades and Downgrades

KGC has been the subject of a number of research analyst reports. ATB Cormark Capital Markets upgraded Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. Weiss Ratings cut Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Zacks Research downgraded shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research 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 on the stock in a research report on Tuesday, July 14th. Finally, Wall Street Zen downgraded shares of Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold 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.