Gabelli Funds LLC Cuts Stock Holdings in Kinross Gold Corporation $KGC

Gabelli Funds LLC lowered its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 13.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,797,500 shares of the mining company’s stock after selling 609,000 shares during the quarter. Kinross Gold accounts for 0.6% of Gabelli Funds LLC’s investment portfolio, making the stock its 27th largest holding. Gabelli Funds LLC owned 0.31% of Kinross Gold worth $94,368,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of KGC. Norges Bank purchased a new position in Kinross Gold during the 2nd quarter worth $389,025,000. Man Group plc raised its holdings 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 valued at $261,646,000 after purchasing an additional 5,411,491 shares during the last quarter. Bank of America Corp DE raised its holdings 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 purchasing an additional 3,617,320 shares during the last quarter. AustralianSuper Pty Ltd lifted its position in shares of Kinross Gold by 50.6% during the third quarter. AustralianSuper Pty Ltd now owns 9,197,872 shares of the mining company’s stock valued at $228,227,000 after purchasing an additional 3,089,959 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Kinross Gold by 47.5% during 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 in the last quarter. 63.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

KGC has been the topic of a number of recent analyst reports. Wall Street Zen lowered Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Monday, March 2nd. Zacks Research downgraded Kinross Gold from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. TD Securities lowered their target price on Kinross Gold from $43.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday. Jefferies Financial Group reissued a “buy” rating and issued a $33.00 price target on shares of Kinross Gold in a report on Sunday, December 7th. Finally, Weiss Ratings restated a “buy (a)” rating on shares of Kinross Gold in a report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Kinross Gold has a consensus rating of “Moderate Buy” and an average target price of $36.31.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $32.54 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 2.35. Kinross Gold Corporation has a fifty-two week low of $10.42 and a fifty-two week high of $39.11. The stock has a market cap of $39.04 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.60 and a beta of 0.73. The stock has a fifty day moving average of $33.45 and a 200-day moving average of $27.71.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Wednesday, February 18th. The mining company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.12. Kinross Gold had a return on equity of 28.22% and a net margin of 33.90%.The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 42.9% on a year-over-year basis. Equities research analysts anticipate that Kinross Gold Corporation will post 0.81 earnings per share for the current year.

Kinross Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Wednesday, March 11th will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from Kinross Gold’s previous quarterly dividend of $0.04. The ex-dividend date is Wednesday, March 11th. Kinross Gold’s dividend payout ratio (DPR) is 7.14%.

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.