Bank of Nova Scotia Lowers Holdings in Kinross Gold Corporation $KGC

Bank of Nova Scotia trimmed its position in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 6.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,917,986 shares of the mining company’s stock after selling 366,605 shares during the period. Bank of Nova Scotia owned 0.41% of Kinross Gold worth $150,319,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. U S Global Investors Inc. lifted its position in Kinross Gold by 95.4% in the first quarter. U S Global Investors Inc. now owns 195,363 shares of the mining company’s stock valued at $5,962,000 after purchasing an additional 95,363 shares during the last quarter. TD Asset Management Inc grew its holdings in shares of Kinross Gold by 4.7% in the fourth quarter. TD Asset Management Inc now owns 5,879,190 shares of the mining company’s stock worth $165,814,000 after purchasing an additional 261,861 shares during the last quarter. SteelPeak Wealth LLC bought a new position in shares of Kinross Gold in the first quarter worth approximately $2,263,000. Man Group plc increased its stake in shares of Kinross Gold by 7.6% in the fourth quarter. Man Group plc now owns 12,526,669 shares of the mining company’s stock worth $352,751,000 after buying an additional 882,373 shares during the period. Finally, Prospera Financial Services Inc increased its stake in shares of Kinross Gold by 369.0% in the fourth quarter. Prospera Financial Services Inc now owns 86,626 shares of the mining company’s stock worth $2,439,000 after buying an additional 68,154 shares during the period. 63.69% of the stock is currently owned by hedge funds and other institutional investors.

Kinross Gold Stock Down 2.3%

NYSE:KGC opened at $23.68 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.84 and a quick ratio of 1.83. The firm’s 50-day moving average price is $25.83 and its 200-day moving average price is $30.22. The company has a market capitalization of $28.09 billion, a PE ratio of 10.03, a P/E/G ratio of 0.65 and a beta of 0.78. Kinross Gold Corporation has a 1-year low of $15.37 and a 1-year high of $39.11.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly 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. Kinross Gold had a net margin of 35.99% and a return on equity of 32.47%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period last year, the company posted $0.30 EPS. Kinross Gold’s revenue was up 60.8% on a year-over-year basis. On average, equities analysts predict that Kinross Gold Corporation will post 2.65 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Thursday, May 21st. Kinross Gold’s payout ratio is currently 6.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Jefferies Financial Group cut their price target on shares of Kinross Gold from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Monday, July 6th. UBS Group lowered their price objective on shares of Kinross Gold from $38.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Freedom Capital raised shares of Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 18th. Scotiabank dropped their target price on shares of Kinross Gold from $45.00 to $41.00 and set a “sector outperform” rating for the company in a report on Tuesday, July 14th. Finally, Zacks Research cut Kinross Gold from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.31.

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.