Allspring Global Investments Holdings LLC Acquires 97,000 Shares of Kinross Gold Corporation $KGC

Allspring Global Investments Holdings LLC increased its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 3.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,882,483 shares of the mining company’s stock after buying an additional 97,000 shares during the period. Allspring Global Investments Holdings LLC owned 0.24% of Kinross Gold worth $88,143,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Kinross Gold by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 50,887,386 shares of the mining company’s stock worth $1,433,345,000 after buying an additional 148,845 shares in the last quarter. Boston Partners increased its stake in shares of Kinross Gold by 1.6% in the 3rd quarter. Boston Partners now owns 45,120,345 shares of the mining company’s stock valued at $1,133,463,000 after buying an additional 707,498 shares during the period. FIL Ltd raised its position in shares of Kinross Gold by 4.8% during the fourth quarter. FIL Ltd now owns 29,146,959 shares of the mining company’s stock worth $820,969,000 after acquiring an additional 1,326,833 shares during the last quarter. Norges Bank bought a new stake in shares of Kinross Gold during the fourth quarter worth $518,656,000. Finally, Man Group plc lifted its stake in shares of Kinross Gold by 47.8% during the second quarter. Man Group plc now owns 16,739,969 shares of the mining company’s stock valued at $261,646,000 after acquiring an additional 5,411,491 shares during the period. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on KGC. Weiss Ratings cut Kinross Gold from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. Jefferies Financial Group lowered their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Scotiabank dropped their price target on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a research note on Tuesday. ATB Cormark Capital Markets upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a report on Friday, May 1st. Finally, UBS Group reduced their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. One investment 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $37.31.

Kinross Gold Price Performance

NYSE KGC opened at $22.61 on Friday. The firm’s 50 day moving average is $26.47 and its 200-day moving average is $30.34. The company has a quick ratio of 1.83, a current ratio of 2.84 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $26.82 billion, a PE ratio of 9.58, a price-to-earnings-growth ratio of 0.60 and a beta of 0.78. Kinross Gold Corporation has a 12-month low of $15.29 and a 12-month high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Wednesday, April 29th. The mining company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.68 by $0.03. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The business had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the company posted $0.30 earnings per share. The firm’s revenue was up 60.8% on a year-over-year basis. Equities research analysts anticipate that Kinross Gold Corporation will post 2.7 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Thursday, May 21st were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $0.16 annualized dividend and a yield of 0.7%. Kinross Gold’s dividend 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.