Point72 DIFC Ltd Makes New Investment in Kinross Gold Co. (NYSE:KGC)

Point72 DIFC Ltd acquired a new position in Kinross Gold Co. (NYSE:KGC - Free Report) TSE: K in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 90,574 shares of the mining company's stock, valued at approximately $848,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in KGC. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Kinross Gold by 5.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,267,312 shares of the mining company's stock worth $124,276,000 after acquiring an additional 642,007 shares during the period. Mackenzie Financial Corp boosted its holdings in Kinross Gold by 6.2% in the second quarter. Mackenzie Financial Corp now owns 10,959,397 shares of the mining company's stock worth $91,255,000 after purchasing an additional 643,013 shares during the last quarter. National Bank of Canada FI grew its position in Kinross Gold by 31.2% in the 2nd quarter. National Bank of Canada FI now owns 9,542,209 shares of the mining company's stock worth $78,946,000 after purchasing an additional 2,267,999 shares during the period. Dimensional Fund Advisors LP raised its stake in Kinross Gold by 25.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,758,027 shares of the mining company's stock valued at $72,867,000 after buying an additional 1,777,076 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of Kinross Gold by 28.0% during the 3rd quarter. Artemis Investment Management LLP now owns 8,567,435 shares of the mining company's stock valued at $80,191,000 after buying an additional 1,871,939 shares during the period. 63.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on KGC. Scotiabank upped their price objective on Kinross Gold from $9.50 to $11.00 and gave the company a "sector outperform" rating in a research report on Monday, August 19th. StockNews.com raised shares of Kinross Gold from a "buy" rating to a "strong-buy" rating in a research report on Saturday, November 9th. Finally, Jefferies Financial Group raised their price objective on shares of Kinross Gold from $9.00 to $10.00 and gave the stock a "hold" rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $11.13.

Kinross Gold Stock Performance

Shares of KGC stock traded down $0.14 during trading hours on Friday, reaching $9.76. 13,222,936 shares of the company traded hands, compared to its average volume of 15,483,645. The firm has a 50-day moving average price of $9.94 and a 200 day moving average price of $9.07. The company has a market cap of $12.00 billion, a P/E ratio of 16.00, a P/E/G ratio of 0.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.61 and a quick ratio of 0.63. Kinross Gold Co. has a 12-month low of $4.75 and a 12-month high of $10.82.

Kinross Gold (NYSE:KGC - Get Free Report) TSE: K last issued its quarterly earnings results on Tuesday, November 5th. The mining company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.05. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.32 billion. Kinross Gold had a net margin of 15.23% and a return on equity of 11.49%. The company's revenue for the quarter was up 29.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. As a group, sell-side analysts predict that Kinross Gold Co. will post 0.7 earnings per share for the current fiscal year.

Kinross Gold Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Thursday, November 28th will be paid a $0.03 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.12 dividend on an annualized basis and a yield of 1.23%. Kinross Gold's payout ratio is presently 19.67%.

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.