The Manufacturers Life Insurance Company Increases Position in Kinross Gold Co. (NYSE:KGC)

The Manufacturers Life Insurance Company increased its stake in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) by 7.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,094,622 shares of the mining company’s stock after buying an additional 480,568 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.58% of Kinross Gold worth $66,509,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Atlas Capital Advisors LLC acquired a new position in shares of Kinross Gold in the second quarter valued at approximately $40,000. Bright Futures Wealth Management LLC. acquired a new position in Kinross Gold in the 1st quarter valued at $70,000. Fifth Third Bancorp raised its position in Kinross Gold by 3,524.4% during the 2nd quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock worth $80,000 after buying an additional 9,375 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Kinross Gold by 113.1% in the 2nd quarter. Blue Trust Inc. now owns 11,327 shares of the mining company’s stock worth $94,000 after acquiring an additional 6,011 shares during the period. Finally, Corundum Trust Company INC acquired a new position in shares of Kinross Gold during the third quarter worth about $94,000. Institutional investors and hedge funds own 63.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Jefferies Financial Group lifted their price objective on Kinross Gold from $9.00 to $10.00 and gave the company a “hold” rating in a report on Friday, October 4th. StockNews.com upgraded Kinross Gold from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 9th. Finally, Scotiabank boosted their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.00.

Kinross Gold Price Performance

Kinross Gold stock opened at $9.79 on Thursday. The firm has a market capitalization of $12.03 billion, a PE ratio of 16.05, a P/E/G ratio of 0.45 and a beta of 1.22. Kinross Gold Co. has a 52 week low of $4.75 and a 52 week high of $10.82. The firm’s 50-day simple moving average is $9.92 and its 200 day simple moving average is $8.98. The company has a quick ratio of 0.63, a current ratio of 1.61 and a debt-to-equity ratio of 0.18.

Kinross Gold (NYSE:KGC) (TSE:K) last released its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.19 by $0.05. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business earned $0.12 earnings per share. The company’s quarterly revenue was up 29.9% on a year-over-year basis. On average, equities research analysts predict that Kinross Gold Co. will post 0.7 EPS for the current fiscal year.

Kinross Gold Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Stockholders of record on Thursday, November 28th will be issued a dividend of $0.03 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 1.23%. Kinross Gold’s dividend payout ratio (DPR) is presently 19.67%.

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.