Smith Group Asset Management LLC Cuts Stock Holdings in Kinross Gold Corporation $KGC

Smith Group Asset Management LLC lowered its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 8.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 313,570 shares of the mining company’s stock after selling 29,800 shares during the quarter. Smith Group Asset Management LLC’s holdings in Kinross Gold were worth $9,570,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in shares of Kinross Gold in the fourth quarter worth about $26,000. Financial Management Professionals Inc. bought a new stake in Kinross Gold in the 4th quarter worth approximately $26,000. Ascentis Independent Advisors bought a new stake in Kinross Gold in the 1st quarter worth approximately $29,000. Virtus Advisers LLC purchased a new stake in shares of Kinross Gold during the 3rd quarter worth approximately $28,000. Finally, Elevated Capital Advisors LLC bought a new position in shares of Kinross Gold during the 4th quarter valued at approximately $36,000. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on KGC. Royal Bank Of Canada decreased their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Friday, May 1st. Freedom Capital raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a report on Monday, May 18th. UBS Group reduced their price objective on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Finally, Jefferies Financial Group lowered their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.31.

Kinross Gold Stock Down 1.7%

Shares of NYSE:KGC opened at $23.51 on Wednesday. Kinross Gold Corporation has a 1 year low of $15.37 and a 1 year high of $39.11. The business has a 50 day simple moving average of $25.57 and a two-hundred day simple moving average of $30.08. The firm has a market capitalization of $27.89 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.Kinross Gold’s quarterly revenue was up 60.8% compared to the same quarter last year. During the same period last year, the company earned $0.30 EPS. On average, equities analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current year.

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.