The Manufacturers Life Insurance Company Reduces Stock Position in Kinross Gold Corporation $KGC

The Manufacturers Life Insurance Company cut its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 5.8% during the 2nd quarter, Holdings Channel reports. The firm owned 9,435,939 shares of the mining company’s stock after selling 578,382 shares during the period. The Manufacturers Life Insurance Company’s holdings in Kinross Gold were worth $222,974,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Ascentis Independent Advisors bought a new position in Kinross Gold during the 1st quarter valued at approximately $29,000. Virtus Advisers LLC purchased a new position in shares of Kinross Gold during the third quarter valued at approximately $28,000. Continuum Advisory LLC bought a new position in shares of Kinross Gold during the second quarter valued at approximately $26,000. Harvest Fund Management Co. Ltd raised its holdings in shares of Kinross Gold by 85.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,280 shares of the mining company’s stock valued at $32,000 after acquiring an additional 589 shares in the last quarter. Finally, Caitlin John LLC lifted its stake in Kinross Gold by 42.1% in the second quarter. Caitlin John LLC now owns 1,350 shares of the mining company’s stock worth $32,000 after acquiring an additional 400 shares during the period. Hedge funds and other institutional investors own 63.69% of the company’s stock.

Kinross Gold Price Performance

Shares of KGC stock opened at $28.88 on Friday. The stock has a market cap of $34.21 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 0.82 and a beta of 0.84. The business’s fifty day moving average is $26.87 and its 200 day moving average is $28.87. Kinross Gold Corporation has a twelve month low of $21.94 and a twelve month high of $39.11. The company has a quick ratio of 1.95, a current ratio of 2.89 and a debt-to-equity ratio of 0.08.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.66 by $0.05. Kinross Gold had a return on equity of 34.00% and a net margin of 37.52%.The business had revenue of $2.22 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter last year, the firm posted $0.44 earnings per share. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. Research analysts expect that Kinross Gold Corporation will post 2.61 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Thursday, August 20th. Kinross Gold’s dividend payout ratio (DPR) is presently 6.06%.

Analysts Set New Price Targets

Several analysts recently weighed in on KGC shares. Royal Bank Of Canada cut their price target on shares of Kinross Gold from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Jefferies Financial Group dropped their target price on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Zacks Research raised shares of Kinross Gold from a “strong sell” rating to a “hold” rating in a research report on Monday. Freedom Capital raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Finally, Wall Street Zen cut shares of Kinross Gold from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.43.

Kinross Gold Company Profile

Kinross Gold Corporation is a Canadian gold mining company engaged in the acquisition, exploration, development and operation of gold properties. Its primary product is gold, which it produces through a portfolio of open-pit and underground mining operations, supported by processing facilities and related infrastructure.

The company’s operating portfolio spans the Americas and West Africa. Its assets include the Tasiast mine in Mauritania; the Paracatu mine in Brazil; the La Coipa mine in Chile; and the Fort Knox and Round Mountain mines in the United States.