Cape Ann Asset Management Ltd Lowers Holdings in Kinross Gold Co. (NYSE:KGC)

Cape Ann Asset Management Ltd lessened its holdings in Kinross Gold Co. (NYSE:KGC) (TSE:K) by 0.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,868,663 shares of the mining company’s stock after selling 19,200 shares during the quarter. Kinross Gold accounts for approximately 24.8% of Cape Ann Asset Management Ltd’s investment portfolio, making the stock its 2nd biggest position. Cape Ann Asset Management Ltd’s holdings in Kinross Gold were worth $36,211,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlas Capital Advisors LLC bought a new position in Kinross Gold during the 2nd quarter worth $40,000. Fifth Third Bancorp increased its position in shares of Kinross Gold by 3,524.4% in the second quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock worth $80,000 after purchasing an additional 9,375 shares during the period. Corundum Trust Company INC acquired a new position in Kinross Gold in the third quarter valued at about $94,000. OneDigital Investment Advisors LLC acquired a new position in Kinross Gold in the third quarter valued at about $94,000. Finally, Fiera Capital Corp bought a new stake in Kinross Gold during the third quarter worth about $99,000. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

KGC has been the topic of several recent analyst reports. Scotiabank raised their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. Jefferies Financial Group lifted their price objective on shares of Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a research note on Friday, October 4th. Finally, StockNews.com upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 9th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Kinross Gold currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.00.

Kinross Gold Price Performance

KGC stock opened at $10.22 on Friday. The stock has a market cap of $12.56 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 0.50 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63. The company has a 50 day simple moving average of $9.89 and a 200 day simple moving average of $8.93. Kinross Gold Co. has a 1 year low of $4.75 and a 1 year high of $10.82.

Kinross Gold (NYSE:KGC) (TSE:K) last posted its earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s revenue was up 29.9% on a year-over-year basis. Research analysts anticipate that Kinross Gold Co. will post 0.7 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be given a $0.03 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 annualized dividend and a yield of 1.17%. Kinross Gold’s dividend payout ratio is presently 19.67%.

About Kinross Gold

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.