Intech Investment Management LLC Sells 521,525 Shares of Kinross Gold Corporation $KGC

Intech Investment Management LLC reduced its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 58.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 371,791 shares of the mining company’s stock after selling 521,525 shares during the period. Intech Investment Management LLC’s holdings in Kinross Gold were worth $9,229,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in KGC. GPS Wealth Strategies Group LLC acquired a new position in Kinross Gold in the 3rd quarter valued at $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new position in shares of Kinross Gold in the third quarter worth $31,000. Armstrong Advisory Group Inc. increased its position in shares of Kinross Gold by 95.6% in the third quarter. Armstrong Advisory Group Inc. now owns 1,467 shares of the mining company’s stock worth $36,000 after purchasing an additional 717 shares during the period. Hollencrest Capital Management acquired a new position in Kinross Gold in the third quarter valued at about $40,000. Finally, Mather Group LLC. bought a new stake in Kinross Gold during the third quarter worth about $44,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on KGC shares. Weiss Ratings reissued a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. Scotiabank increased their price target on shares of Kinross Gold from $32.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Desjardins started coverage on shares of Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating for the company. Canadian Imperial Bank of Commerce set a $54.00 target price on Kinross Gold in a research note on Wednesday, February 4th. Finally, Zacks Research downgraded Kinross Gold from a “strong-buy” rating to a “hold” rating in a report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.81.

Kinross Gold Price Performance

KGC stock opened at $36.93 on Friday. The stock has a market cap of $44.31 billion, a price-to-earnings ratio of 18.84, a P/E/G ratio of 0.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.35 and a quick ratio of 1.37. The company has a 50 day simple moving average of $33.00 and a 200 day simple moving average of $27.20. Kinross Gold Corporation has a 1 year low of $10.32 and a 1 year high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, February 18th. The mining company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. Kinross Gold had a net margin of 33.90% and a return on equity of 28.22%. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company’s revenue was up 42.9% on a year-over-year basis. Research analysts anticipate that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Shareholders of record on Wednesday, March 11th will be issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Wednesday, March 11th. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. Kinross Gold’s payout ratio is currently 7.14%.

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.