Sierra Summit Advisors LLC Makes New Investment in Kinross Gold Corporation $KGC

Sierra Summit Advisors LLC bought a new position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 26,126 shares of the mining company’s stock, valued at approximately $649,000.

A number of other institutional investors and hedge funds also recently modified their holdings of KGC. Caitlin John LLC acquired a new stake in shares of Kinross Gold in the 3rd quarter worth approximately $26,000. GPS Wealth Strategies Group LLC acquired a new position in shares of Kinross Gold during the third quarter valued at approximately $29,000. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Kinross Gold during the third quarter worth approximately $31,000. Armstrong Advisory Group Inc. lifted its position in 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. Finally, Hollencrest Capital Management acquired a new position in shares of Kinross Gold during the 3rd quarter valued at $40,000. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Stock Up 0.5%

KGC stock opened at $36.93 on Monday. The company has a quick ratio of 1.37, a current ratio of 2.35 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $44.31 billion, a PE ratio of 18.84, a P/E/G ratio of 1.86 and a beta of 0.73. The stock’s 50 day moving average is $33.00 and its 200-day moving average is $27.31. Kinross Gold Corporation has a twelve month low of $10.32 and a twelve month high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.12. Kinross Gold had a return on equity of 28.22% and a net margin of 33.90%.The firm had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter in the prior year, the company earned $0.20 EPS. The business’s revenue for the quarter was up 42.9% on a year-over-year basis. Sell-side analysts expect that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 26th. Stockholders of record on Wednesday, March 11th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.4%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. The ex-dividend date is Wednesday, March 11th. Kinross Gold’s dividend payout ratio (DPR) is presently 7.14%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on KGC shares. Scotiabank upped their price objective on Kinross Gold from $32.00 to $45.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Desjardins assumed coverage on shares of Kinross Gold in a research note on Friday, November 28th. They set a “buy” rating on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $33.00 price objective on shares of Kinross Gold in a research report on Sunday, December 7th. Canadian Imperial Bank of Commerce set a $54.00 target price on shares of Kinross Gold in a research report on Wednesday, February 4th. Finally, Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued 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 target price of $34.81.

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.