CenterBook Partners LP Acquires New Stake in Kinross Gold Corporation $KGC

CenterBook Partners LP acquired a new stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 31,045 shares of the mining company’s stock, valued at approximately $874,000.

Several other large investors also recently added to or reduced their stakes in the business. Parallel Advisors LLC lifted its holdings in shares of Kinross Gold by 3.2% during the 4th quarter. Parallel Advisors LLC now owns 9,310 shares of the mining company’s stock worth $262,000 after acquiring an additional 292 shares during the last quarter. Turning Point Benefit Group Inc. increased its stake in Kinross Gold by 6.6% in the fourth quarter. Turning Point Benefit Group Inc. now owns 6,315 shares of the mining company’s stock valued at $178,000 after acquiring an additional 393 shares during the last quarter. Armstrong Advisory Group Inc. increased its stake in Kinross Gold by 32.9% in the fourth quarter. Armstrong Advisory Group Inc. now owns 1,950 shares of the mining company’s stock valued at $55,000 after acquiring an additional 483 shares during the last quarter. Laird Norton Wetherby Wealth Management LLC increased its stake in Kinross Gold by 2.1% in the third quarter. Laird Norton Wetherby Wealth Management LLC now owns 25,309 shares of the mining company’s stock valued at $629,000 after acquiring an additional 521 shares during the last quarter. Finally, Cadence Wealth Management LLC increased its stake in Kinross Gold by 1.3% in the third quarter. Cadence Wealth Management LLC now owns 46,233 shares of the mining company’s stock valued at $1,149,000 after acquiring an additional 581 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Kinross Gold Stock Performance

Kinross Gold stock opened at $23.62 on Thursday. The firm has a 50-day moving average of $30.47 and a 200-day moving average of $30.94. Kinross Gold Corporation has a 1-year low of $14.71 and a 1-year high of $39.11. The company has a current ratio of 2.84, a quick ratio of 1.83 and a debt-to-equity ratio of 0.08. The firm has a market cap of $28.17 billion, a P/E ratio of 10.01, a P/E/G ratio of 0.89 and a beta of 0.71.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm posted $0.30 EPS. The company’s revenue for the quarter was up 60.8% compared to the same quarter last year. Sell-side analysts expect that Kinross Gold Corporation will post 2.91 EPS for the current year.

Kinross Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were issued a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date was Thursday, May 21st. Kinross Gold’s payout ratio is presently 6.78%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KGC. TD Securities reduced their target price on Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, March 3rd. Wall Street Zen cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 24th. UBS Group reduced their price objective on Kinross Gold from $43.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Freedom Capital raised Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Finally, Royal Bank Of Canada raised Kinross Gold from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $36.00 to $45.00 in a research note on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.81.

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.