Gabelli Funds LLC Lowers Stake in Kinross Gold Co. (NYSE:KGC)

Gabelli Funds LLC cut its stake in Kinross Gold Co. (NYSE:KGC) (TSE:K) by 6.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,999,800 shares of the mining company’s stock after selling 341,100 shares during the quarter. Gabelli Funds LLC owned about 0.41% of Kinross Gold worth $30,649,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in KGC. Norges Bank purchased a new stake in Kinross Gold during the fourth quarter valued at approximately $265,327,000. Van ECK Associates Corp lifted its holdings in shares of Kinross Gold by 9.5% during the 1st quarter. Van ECK Associates Corp now owns 150,960,083 shares of the mining company’s stock valued at $925,392,000 after purchasing an additional 13,099,791 shares during the last quarter. Boston Partners boosted its position in shares of Kinross Gold by 44.0% in the 4th quarter. Boston Partners now owns 16,898,452 shares of the mining company’s stock worth $102,236,000 after purchasing an additional 5,162,124 shares in the last quarter. First Eagle Investment Management LLC purchased a new position in Kinross Gold during the 1st quarter worth $23,907,000. Finally, CIBC Asset Management Inc increased its position in Kinross Gold by 183.9% during the 4th quarter. CIBC Asset Management Inc now owns 4,445,008 shares of the mining company’s stock valued at $26,990,000 after buying an additional 2,879,269 shares in the last quarter. 63.69% of the stock is owned by institutional investors.

Kinross Gold Stock Performance

KGC stock traded up $0.07 during trading on Friday, hitting $8.61. 11,375,047 shares of the company traded hands, compared to its average volume of 16,183,093. Kinross Gold Co. has a 1 year low of $4.32 and a 1 year high of $9.41. The company has a market cap of $10.58 billion, a PE ratio of 23.92, a P/E/G ratio of 0.51 and a beta of 1.19. The stock’s 50-day simple moving average is $8.19 and its 200 day simple moving average is $6.71. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.15 and a quick ratio of 0.45.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings data on Tuesday, May 7th. The mining company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.04. Kinross Gold had a net margin of 9.86% and a return on equity of 9.34%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the company earned $0.07 EPS. The business’s revenue was up 16.4% on a year-over-year basis. On average, equities analysts expect that Kinross Gold Co. will post 0.57 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 13th. Stockholders of record on Thursday, May 30th were paid a dividend of $0.03 per share. This represents a $0.12 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Thursday, May 30th. Kinross Gold’s payout ratio is currently 30.56%.

Wall Street Analysts Forecast Growth

KGC has been the subject of several research analyst reports. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Kinross Gold in a research report on Monday, April 8th. Scotiabank raised their price target on shares of Kinross Gold from $8.00 to $9.50 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. BMO Capital Markets boosted their price objective on shares of Kinross Gold from $10.00 to $11.50 and gave the company an “outperform” rating in a report on Tuesday, May 21st. Cormark raised Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Thursday, May 9th. Finally, Jefferies Financial Group increased their price objective on Kinross Gold from $7.00 to $9.00 and gave the company a “hold” rating in a report on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $8.57.

Kinross Gold 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.