Gabelli Funds LLC Reduces Stock Position in Kinross Gold Co. (NYSE:KGC)

Gabelli Funds LLC trimmed its holdings in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) by 6.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,999,800 shares of the mining company’s stock after selling 341,100 shares during the period. Gabelli Funds LLC’s holdings in Kinross Gold were worth $30,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Gamco Investors INC. ET AL lifted its position in shares of Kinross Gold by 7.2% during the 1st quarter. Gamco Investors INC. ET AL now owns 580,765 shares of the mining company’s stock worth $3,560,000 after buying an additional 39,000 shares during the last quarter. MQS Management LLC purchased a new stake in Kinross Gold in the first quarter valued at $849,000. Natixis lifted its position in Kinross Gold by 590.7% in the first quarter. Natixis now owns 48,730 shares of the mining company’s stock valued at $299,000 after acquiring an additional 41,675 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Kinross Gold by 84.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 1,635,418 shares of the mining company’s stock valued at $10,042,000 after acquiring an additional 748,277 shares in the last quarter. Finally, UniSuper Management Pty Ltd increased its position in shares of Kinross Gold by 95.5% during the first quarter. UniSuper Management Pty Ltd now owns 17,400 shares of the mining company’s stock worth $107,000 after purchasing an additional 8,500 shares in the last quarter. 63.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on KGC shares. Scotiabank raised their price target on Kinross Gold from $8.00 to $9.50 and gave the stock an “outperform” rating in a research note on Thursday, May 23rd. BMO Capital Markets lifted their target price on Kinross Gold from $10.00 to $11.50 and gave the company an “outperform” rating in a research note on Tuesday, May 21st. StockNews.com upgraded Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. Cormark upgraded shares of Kinross Gold from a “hold” rating to a “moderate buy” rating in a research report on Thursday, May 9th. Finally, Jefferies Financial Group upped their price objective on shares of Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research report on Friday, July 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.57.

Kinross Gold Price Performance

Shares of KGC traded up $0.07 during trading hours on Friday, reaching $8.61. The company had a trading volume of 11,375,047 shares, compared to its average volume of 16,183,093. The company has a current ratio of 1.15, a quick ratio of 0.45 and a debt-to-equity ratio of 0.20. Kinross Gold Co. has a 12-month low of $4.32 and a 12-month high of $9.41. The firm has a 50 day simple moving average of $8.19 and a 200-day simple moving average of $6.71. The company has a market capitalization of $10.58 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 0.51 and a beta of 1.19.

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

Kinross Gold Announces Dividend

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

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.