Canoe Financial LP Buys 63,965 Shares of Kinross Gold Corporation $KGC

Canoe Financial LP increased its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 47.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,371 shares of the mining company’s stock after buying an additional 63,965 shares during the period. Canoe Financial LP’s holdings in Kinross Gold were worth $4,922,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in shares of Kinross Gold by 95.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after purchasing an additional 3,398,687 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its holdings in Kinross Gold by 21.9% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock worth $4,076,000 after buying an additional 57,966 shares during the last quarter. Schroder Investment Management Group raised its holdings in Kinross Gold by 19.6% during the second quarter. Schroder Investment Management Group now owns 2,525,188 shares of the mining company’s stock worth $39,469,000 after buying an additional 413,771 shares during the last quarter. Swiss National Bank lifted its stake in shares of Kinross Gold by 6.9% in the second quarter. Swiss National Bank now owns 3,739,218 shares of the mining company’s stock valued at $58,208,000 after buying an additional 241,600 shares in the last quarter. Finally, Bayforest Capital Ltd grew its holdings in shares of Kinross Gold by 30.2% during the second quarter. Bayforest Capital Ltd now owns 55,218 shares of the mining company’s stock valued at $863,000 after buying an additional 12,821 shares during the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on KGC. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a report on Friday, October 31st. Jefferies Financial Group reissued a “buy” rating and set a $33.00 price objective on shares of Kinross Gold in a report on Sunday, December 7th. TD Securities raised their target price on Kinross Gold from $22.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Desjardins began coverage on Kinross Gold in a research report on Friday, November 28th. They set a “buy” rating on the stock. Finally, Cormark lowered Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $29.81.

Kinross Gold Price Performance

Kinross Gold stock opened at $29.23 on Friday. Kinross Gold Corporation has a 52 week low of $9.04 and a 52 week high of $29.80. The company’s 50 day moving average price is $25.99 and its two-hundred day moving average price is $21.66. The stock has a market cap of $35.17 billion, a P/E ratio of 20.44, a P/E/G ratio of 0.43 and a beta of 0.74. The company has a quick ratio of 1.68, a current ratio of 2.83 and a debt-to-equity ratio of 0.15.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.72 billion. Kinross Gold had a return on equity of 22.25% and a net margin of 27.30%.Kinross Gold’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. On average, equities analysts predict that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Stockholders of record on Wednesday, November 26th were given a dividend of $0.035 per share. The ex-dividend date of this dividend was Wednesday, November 26th. This represents a $0.14 annualized dividend and a dividend yield of 0.5%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is 9.79%.

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.