Forsta AP Fonden Sells 3,800 Shares of Kinross Gold Corporation $KGC

Forsta AP Fonden decreased its stake in shares of Kinross Gold Corporation (NYSE:KGC) (TSE:K) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 716,600 shares of the mining company’s stock after selling 3,800 shares during the quarter. Forsta AP Fonden’s holdings in Kinross Gold were worth $11,176,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its position in Kinross Gold by 95.7% during the first quarter. Goldman Sachs Group Inc. now owns 6,949,976 shares of the mining company’s stock worth $87,639,000 after acquiring an additional 3,398,687 shares in the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Kinross Gold by 21.9% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 322,862 shares of the mining company’s stock valued at $4,076,000 after acquiring an additional 57,966 shares during the period. Sprott Inc. increased its stake in shares of Kinross Gold by 1.7% during the 1st quarter. Sprott Inc. now owns 2,932,567 shares of the mining company’s stock worth $36,976,000 after purchasing an additional 48,905 shares during the last quarter. Bayforest Capital Ltd raised its holdings in shares of Kinross Gold by 30.2% in the 2nd quarter. Bayforest Capital Ltd now owns 55,218 shares of the mining company’s stock valued at $863,000 after purchasing an additional 12,821 shares during the period. Finally, Truist Financial Corp lifted its stake in Kinross Gold by 9.0% in the 2nd quarter. Truist Financial Corp now owns 302,645 shares of the mining company’s stock valued at $4,730,000 after purchasing an additional 25,093 shares during the last quarter. Institutional investors own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on KGC. Scotiabank reissued an “outperform” rating on shares of Kinross Gold in a research report on Thursday, October 23rd. Wall Street Zen downgraded Kinross Gold from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Zacks Research upgraded Kinross Gold from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. Raymond James Financial raised their price target on Kinross Gold from $20.00 to $25.00 and gave the company a “market perform” rating in a report on Friday, October 10th. Finally, Canaccord Genuity Group upped their price objective on shares of Kinross Gold from $28.00 to $29.50 and gave the company a “buy” rating in a report on Thursday, August 7th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $27.56.

Kinross Gold Stock Performance

NYSE:KGC opened at $25.53 on Friday. The stock has a 50 day simple moving average of $24.14 and a 200 day simple moving average of $19.03. The stock has a market cap of $30.89 billion, a P/E ratio of 20.59, a PEG ratio of 0.42 and a beta of 0.61. Kinross Gold Corporation has a 1-year low of $8.99 and a 1-year high of $27.84. The company has a current ratio of 2.84, a quick ratio of 1.45 and a debt-to-equity ratio of 0.16.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 4th. The mining company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.72 billion. Kinross Gold had a return on equity of 20.04% and a net margin of 25.18%.The company’s revenue was up 25.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 earnings per share. 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 Wednesday, December 10th. Shareholders of record on Wednesday, November 26th will be issued a $0.035 dividend. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $0.14 dividend on an annualized basis and a yield of 0.5%. This is an increase from Kinross Gold’s previous quarterly dividend of $0.03. Kinross Gold’s payout ratio is presently 9.79%.

Kinross Gold Company Profile

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, and development of gold properties principally in the United States, Brazil, Chile, Canada, and Mauritania. The company operates the Fort Knox mine and the Manh Choh project in Alaska, as well as the Round Mountain and the Bald Mountain mines in Nevada, the United States; the Paracatu mine in Brazil; the La Coipa and the Lobo-Marte project in Chile; the Tasiast mine in Mauritania; and the Great Bear project in Canada.