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

Acadian Asset Management LLC reduced its position in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 53.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 136,000 shares of the mining company’s stock after selling 154,600 shares during the period. Acadian Asset Management LLC’s holdings in Kinross Gold were worth $1,710,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in KGC. Banque Cantonale Vaudoise purchased a new position in Kinross Gold in the first quarter valued at about $55,000. Farther Finance Advisors LLC increased its holdings in Kinross Gold by 188.6% in the first quarter. Farther Finance Advisors LLC now owns 5,599 shares of the mining company’s stock valued at $71,000 after buying an additional 3,659 shares in the last quarter. Headlands Technologies LLC purchased a new position in Kinross Gold in the first quarter valued at about $77,000. Bruce G. Allen Investments LLC increased its holdings in Kinross Gold by 68.6% in the first quarter. Bruce G. Allen Investments LLC now owns 6,295 shares of the mining company’s stock valued at $79,000 after buying an additional 2,561 shares in the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in Kinross Gold by 39.3% in the first quarter. SBI Securities Co. Ltd. now owns 6,339 shares of the mining company’s stock valued at $80,000 after buying an additional 1,787 shares in the last quarter. 63.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on KGC. Royal Bank Of Canada increased their target price on shares of Kinross Gold from $14.00 to $19.00 and gave the company a “sector perform” rating in a report on Wednesday, June 4th. Jefferies Financial Group raised shares of Kinross Gold from a “hold” rating to a “buy” rating and increased their target price for the company from $14.00 to $18.00 in a report on Thursday, June 26th. CIBC raised their price objective on shares of Kinross Gold from $21.00 to $22.00 and gave the stock an “outperformer” rating in a research note on Friday, August 1st. Raymond James Financial raised shares of Kinross Gold to a “hold” rating and set a $15.00 price objective for the company in a research note on Monday, June 30th. Finally, UBS Group started coverage on shares of Kinross Gold in a research note on Monday, August 4th. They set a “buy” rating and a $20.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Kinross Gold currently has an average rating of “Moderate Buy” and an average price target of $20.07.

Kinross Gold Trading Down 2.2%

Shares of KGC opened at $22.74 on Wednesday. Kinross Gold Corporation has a 1-year low of $8.99 and a 1-year high of $23.65. The firm has a 50 day simple moving average of $18.74 and a 200-day simple moving average of $15.62. The stock has a market cap of $27.64 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 0.75 and a beta of 0.62. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.84 and a quick ratio of 1.45.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, July 30th. The mining company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.11. Kinross Gold had a net margin of 25.18% and a return on equity of 20.04%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same quarter last year, the business earned $0.14 earnings per share. Kinross Gold’s revenue was up 41.7% compared to the same quarter last year. Equities analysts forecast that Kinross Gold Corporation will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.03 per share. The ex-dividend date was Thursday, August 21st. This represents a $0.12 dividend on an annualized basis and a yield of 0.5%. Kinross Gold’s dividend payout ratio (DPR) is 9.68%.

About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.