CIBC Asset Management Inc Cuts Position in Kinross Gold Corporation $KGC

CIBC Asset Management Inc lowered its holdings in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 17.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,759,994 shares of the mining company’s stock after selling 1,023,969 shares during the quarter. CIBC Asset Management Inc owned approximately 0.39% of Kinross Gold worth $118,114,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Kinross Gold during the 2nd quarter valued at approximately $389,025,000. Man Group plc raised its position in Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after acquiring an additional 5,411,491 shares during the period. First Eagle Investment Management LLC lifted its holdings in Kinross Gold by 0.3% during the second quarter. First Eagle Investment Management LLC now owns 11,825,153 shares of the mining company’s stock valued at $184,827,000 after purchasing an additional 37,942 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Kinross Gold by 21.4% during the second quarter. Geode Capital Management LLC now owns 10,639,787 shares of the mining company’s stock valued at $172,571,000 after purchasing an additional 1,876,764 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Kinross Gold by 47.5% in the second quarter. Invesco Ltd. now owns 8,947,418 shares of the mining company’s stock valued at $139,848,000 after purchasing an additional 2,880,097 shares during the period. 63.69% of the stock is owned by institutional investors and hedge funds.

Kinross Gold Stock Performance

Shares of Kinross Gold stock opened at $37.18 on Friday. The firm has a market cap of $44.61 billion, a PE ratio of 26.00, a price-to-earnings-growth ratio of 0.42 and a beta of 0.75. 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 Corporation has a 52 week low of $10.32 and a 52 week high of $37.60. The business’s fifty day simple moving average is $29.22 and its 200-day simple moving average is $24.11.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data 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 firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.72 billion. Kinross Gold had a net margin of 27.30% and a return on equity of 22.25%. Kinross Gold’s revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 EPS. Equities analysts forecast that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Wednesday, November 26th were issued a $0.035 dividend. The ex-dividend date was Wednesday, November 26th. This represents a $0.14 annualized dividend and a dividend yield of 0.4%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s dividend payout ratio (DPR) is presently 9.79%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on KGC shares. TD Securities upped their price target on shares of Kinross Gold from $22.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, October 8th. Wall Street Zen raised Kinross Gold from a “buy” rating to a “strong-buy” rating in a report on Sunday, January 18th. Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a research report on Friday, October 31st. Cormark cut Kinross Gold from a “moderate buy” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, CIBC increased their price objective on Kinross Gold from $37.00 to $38.50 and gave the company an “outperform” rating in a research note on Friday, January 16th. Four research 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, Kinross Gold has an average rating of “Buy” and a consensus target price of $30.56.

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.