43,838,344 Shares in Kinross Gold Co. (NYSE:KGC) Acquired by Norges Bank

Norges Bank acquired a new stake in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 43,838,344 shares of the mining company’s stock, valued at approximately $265,327,000. Norges Bank owned about 3.57% of Kinross Gold as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Kinross Gold by 1.1% during the third quarter. Vanguard Group Inc. now owns 44,404,283 shares of the mining company’s stock valued at $202,484,000 after acquiring an additional 463,035 shares during the last quarter. Boston Partners lifted its stake 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 during the period. Mackenzie Financial Corp boosted its holdings in shares of Kinross Gold by 13.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,593,655 shares of the mining company’s stock worth $64,151,000 after buying an additional 1,239,966 shares during the last quarter. American Century Companies Inc. grew its position in Kinross Gold by 24.9% during the third quarter. American Century Companies Inc. now owns 8,046,094 shares of the mining company’s stock valued at $36,680,000 after buying an additional 1,603,951 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Kinross Gold by 33.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,319,428 shares of the mining company’s stock valued at $32,183,000 after buying an additional 1,336,756 shares during the last quarter. 63.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Kinross Gold from $5.00 to $6.00 and gave the company a “hold” rating in a research report on Monday, April 22nd. Scotiabank raised their price objective on Kinross Gold from $7.00 to $8.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 9th. National Bank Financial reiterated an “outperform overweight” rating on shares of Kinross Gold in a research note on Monday, April 8th. StockNews.com upgraded shares of Kinross Gold from a “hold” rating to a “buy” rating in a research note on Tuesday, April 2nd. Finally, BMO Capital Markets upped their price target on shares of Kinross Gold from $10.00 to $11.50 and gave the stock an “outperform” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $7.38.

Kinross Gold Stock Performance

NYSE KGC opened at $8.22 on Wednesday. The business’s 50 day moving average price is $6.56 and its 200-day moving average price is $5.90. Kinross Gold Co. has a fifty-two week low of $4.32 and a fifty-two week high of $8.23. The company has a market cap of $10.09 billion, a P/E ratio of 22.83, a P/E/G ratio of 2.13 and a beta of 1.14. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.45 and a current ratio of 1.15.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its earnings results on Tuesday, May 7th. The mining company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.04. The business had revenue of $1.08 billion for 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 business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Sell-side analysts predict that Kinross Gold Co. will post 0.49 earnings per share for the current year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 13th. Investors of record on Thursday, May 30th will be paid a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend is Thursday, May 30th. Kinross Gold’s dividend payout ratio is currently 33.33%.

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.