Navellier & Associates Inc. Grows Position in Kinross Gold Corporation $KGC

Navellier & Associates Inc. raised its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 10.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 580,119 shares of the mining company’s stock after acquiring an additional 54,875 shares during the quarter. Kinross Gold accounts for about 1.1% of Navellier & Associates Inc.’s holdings, making the stock its 19th biggest position. Navellier & Associates Inc.’s holdings in Kinross Gold were worth $13,702,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Kinross Gold in the 4th quarter valued at about $518,656,000. Man Group plc purchased a new stake in Kinross Gold during the second quarter worth about $298,152,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Kinross Gold during the second quarter worth about $264,652,000. Legal & General Group Plc acquired a new position in Kinross Gold during the second quarter worth about $244,762,000. Finally, The Manufacturers Life Insurance Company acquired a new position in Kinross Gold during the second quarter worth about $222,974,000. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Performance

NYSE:KGC opened at $31.30 on Friday. The company has a current ratio of 2.89, a quick ratio of 1.95 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $37.13 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 0.88 and a beta of 0.78. The firm has a 50-day moving average price of $25.78 and a two-hundred day moving average price of $29.13. Kinross Gold Corporation has a twelve month low of $20.19 and a twelve month high of $39.11.

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, beating the consensus estimate of $0.66 by $0.05. The company had revenue of $2.22 billion for 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 quarter in the prior year, the firm earned $0.44 earnings per share. As a group, research analysts expect that Kinross Gold Corporation will post 2.61 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 20th will be paid a $0.04 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $0.16 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s dividend payout ratio is presently 6.06%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on KGC shares. Weiss Ratings downgraded shares of Kinross Gold from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Wall Street Zen downgraded Kinross Gold from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada decreased their target price on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.43.

About Kinross Gold

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.