Bank of New York Mellon Corp Cuts Stake in Kinross Gold Corporation $KGC

Bank of New York Mellon Corp trimmed its stake in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 6.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,447,826 shares of the mining company’s stock after selling 103,530 shares during the quarter. Bank of New York Mellon Corp owned about 0.12% of Kinross Gold worth $44,188,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Kinross Gold during the 4th quarter worth about $518,656,000. AQR Capital Management LLC boosted its position in shares of Kinross Gold by 4,443.4% in the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock worth $189,808,000 after buying an additional 6,590,380 shares during the period. Man Group plc boosted its position in shares of Kinross Gold by 47.8% in the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock worth $261,646,000 after buying an additional 5,411,491 shares during the period. Bank of America Corp DE grew its stake in shares of Kinross Gold by 81.2% in the second quarter. Bank of America Corp DE now owns 8,073,665 shares of the mining company’s stock valued at $126,191,000 after buying an additional 3,617,320 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Kinross Gold in the third quarter valued at about $74,996,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Royal Bank Of Canada decreased their price target on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Jefferies Financial Group decreased 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 note on Monday, July 6th. Wall Street Zen lowered shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 24th. Zacks Research downgraded shares of Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, UBS Group cut their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $37.31.

Kinross Gold Stock Up 0.8%

NYSE:KGC opened at $23.86 on Friday. Kinross Gold Corporation has a 52 week low of $15.37 and a 52 week 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 stock has a 50 day moving average of $25.74 and a 200-day moving average of $30.17. The firm has a market capitalization of $28.30 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Wednesday, April 29th. The mining company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.03. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Kinross Gold had a return on equity of 32.47% and a net margin of 35.99%.The firm’s quarterly revenue was up 60.8% compared to the same quarter last year. During the same period last year, the business posted $0.30 earnings per share. Analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current year.

Kinross Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were given a dividend of $0.04 per share. 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 6.78%.

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.