Norges Bank Takes $280.70 Million Position in Kinross Gold Co. (NYSE:KGC)

Norges Bank purchased a new position in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 30,264,839 shares of the mining company’s stock, valued at approximately $280,697,000.

Other institutional investors have also recently bought and sold shares of the company. Van ECK Associates Corp lifted its position in shares of Kinross Gold by 62.2% in the fourth quarter. Van ECK Associates Corp now owns 116,323,261 shares of the mining company’s stock valued at $1,078,330,000 after buying an additional 44,610,091 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Kinross Gold by 80.9% during the 4th quarter. First Eagle Investment Management LLC now owns 12,610,383 shares of the mining company’s stock valued at $116,898,000 after purchasing an additional 5,639,383 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in Kinross Gold by 174.6% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,249,033 shares of the mining company’s stock worth $30,141,000 after purchasing an additional 2,065,693 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Kinross Gold by 15.4% in the fourth quarter. JPMorgan Chase & Co. now owns 13,438,786 shares of the mining company’s stock valued at $124,578,000 after purchasing an additional 1,793,065 shares during the last quarter. Finally, Intact Investment Management Inc. raised its position in shares of Kinross Gold by 4,059.9% in the fourth quarter. Intact Investment Management Inc. now owns 1,510,040 shares of the mining company’s stock valued at $14,022,000 after purchasing an additional 1,473,740 shares during the period. Institutional investors and hedge funds own 63.69% of the company’s stock.

Kinross Gold Stock Performance

Shares of NYSE:KGC opened at $12.50 on Friday. Kinross Gold Co. has a 12-month low of $6.13 and a 12-month high of $12.90. The company’s 50 day moving average price is $11.40 and its two-hundred day moving average price is $10.39. The firm has a market cap of $15.37 billion, a PE ratio of 16.23, a PEG ratio of 0.68 and a beta of 1.29. 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 (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Wednesday, February 12th. The mining company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). Kinross Gold had a return on equity of 12.65% and a net margin of 18.43%. Equities research analysts predict that Kinross Gold Co. will post 0.81 earnings per share for the current year.

Kinross Gold Announces Dividend

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

Analyst Ratings Changes

KGC has been the subject of several research analyst reports. Stifel Canada raised shares of Kinross Gold to a “strong-buy” rating in a report on Wednesday, March 19th. National Bank Financial upgraded Kinross Gold to a “strong-buy” rating in a report on Friday, March 21st. CIBC increased their target price on Kinross Gold from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Finally, StockNews.com cut Kinross Gold from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 22nd. One analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average 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.