Norges Bank Makes New $280.70 Million Investment in Kinross Gold Co. (NYSE:KGC)

Norges Bank purchased a new stake in Kinross Gold Co. (NYSE:KGC) (TSE:K) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 30,264,839 shares of the mining company’s stock, valued at approximately $280,697,000. Norges Bank owned about 2.46% of Kinross Gold at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Signaturefd LLC increased its stake in Kinross Gold by 2.2% in the fourth quarter. Signaturefd LLC now owns 41,072 shares of the mining company’s stock valued at $381,000 after purchasing an additional 865 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its holdings in shares of Kinross Gold by 30.4% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 4,302 shares of the mining company’s stock valued at $40,000 after buying an additional 1,002 shares during the period. TD Private Client Wealth LLC increased its position in shares of Kinross Gold by 2.4% in the 4th quarter. TD Private Client Wealth LLC now owns 45,617 shares of the mining company’s stock valued at $423,000 after buying an additional 1,079 shares in the last quarter. Schechter Investment Advisors LLC raised its stake in Kinross Gold by 2.8% during the 4th quarter. Schechter Investment Advisors LLC now owns 39,569 shares of the mining company’s stock worth $367,000 after buying an additional 1,080 shares during the period. Finally, Atomi Financial Group Inc. lifted its holdings in Kinross Gold by 4.9% during the fourth quarter. Atomi Financial Group Inc. now owns 23,652 shares of the mining company’s stock worth $219,000 after acquiring an additional 1,106 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors and hedge funds.

Kinross Gold Price Performance

Shares of KGC opened at $12.50 on Friday. The company has a quick ratio of 0.83, a current ratio of 2.01 and a debt-to-equity ratio of 0.18. Kinross Gold Co. has a twelve month low of $6.13 and a twelve month high of $12.90. The stock has a market capitalization of $15.37 billion, a P/E ratio of 16.23, a P/E/G ratio of 0.68 and a beta of 1.29. The company has a 50 day moving average of $11.40 and a 200-day moving average of $10.39.

Kinross Gold (NYSE:KGC) (TSE:K) last released its earnings results on Wednesday, February 12th. The mining company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Kinross Gold had a net margin of 18.43% and a return on equity of 12.65%. As a group, equities research analysts forecast that Kinross Gold Co. will post 0.81 EPS for the current fiscal year.

Kinross Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 20th. Investors of record on Wednesday, March 5th were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $0.12 annualized dividend and a yield of 0.96%. Kinross Gold’s payout ratio is presently 15.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on KGC shares. Stifel Canada raised Kinross Gold to a “strong-buy” rating in a research report on Wednesday, March 19th. CIBC raised their target price on shares of Kinross Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. StockNews.com cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 22nd. Finally, National Bank Financial upgraded shares of Kinross Gold to a “strong-buy” rating in a report on Friday, March 21st. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Kinross Gold currently has a consensus rating of “Buy” and a consensus target price of $11.63.

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.