Hillsdale Investment Management Inc. Acquires 151,971 Shares of Kinross Gold Corporation $KGC

Hillsdale Investment Management Inc. increased its holdings in Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 11.3% in the first quarter, Holdings Channel.com reports. The firm owned 1,501,773 shares of the mining company’s stock after acquiring an additional 151,971 shares during the period. Kinross Gold makes up approximately 1.2% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 18th biggest position. Hillsdale Investment Management Inc.’s holdings in Kinross Gold were worth $45,902,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in KGC. Norges Bank purchased a new position in Kinross Gold in the 4th quarter worth $518,656,000. AQR Capital Management LLC boosted its position in Kinross Gold by 4,443.4% during the fourth quarter. AQR Capital Management LLC now owns 6,738,699 shares of the mining company’s stock valued at $189,808,000 after buying an additional 6,590,380 shares during the period. Man Group plc grew 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 buying an additional 5,411,491 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Kinross Gold by 81.2% during 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 during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Kinross Gold in the third quarter worth about $74,996,000. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. ATB Cormark Capital Markets raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research note on Friday, May 1st. UBS Group reduced their price target on Kinross Gold from $38.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 24th. Jefferies Financial Group lowered their price objective on Kinross Gold from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Monday, July 6th. Finally, Royal Bank Of Canada dropped their price objective on Kinross Gold from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $37.81.

Kinross Gold Stock Performance

Shares of NYSE:KGC opened at $23.48 on Tuesday. 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 company has a 50-day moving average price of $27.04 and a 200-day moving average price of $30.52. The company has a market cap of $27.85 billion, a price-to-earnings ratio of 9.95, a price-to-earnings-growth ratio of 0.64 and a beta of 0.78. Kinross Gold Corporation has a 12 month low of $15.10 and a 12 month high of $39.11.

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, topping the consensus estimate 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%.Kinross Gold’s quarterly revenue was up 60.8% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. As a group, equities analysts anticipate that Kinross Gold Corporation will post 2.7 EPS for the current year.

Kinross Gold Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Thursday, May 21st were issued a $0.04 dividend. The ex-dividend date 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%.

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.