Employees Retirement System of Texas Takes $1.70 Million Position in Kinross Gold Co. (NYSE:KGC)

Employees Retirement System of Texas bought a new position in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 204,644 shares of the mining company’s stock, valued at approximately $1,703,000.

A number of other institutional investors have also recently added to or reduced their stakes in KGC. Atlas Capital Advisors LLC acquired a new position in shares of Kinross Gold during the second quarter worth $40,000. Advisor Resource Council bought a new stake in shares of Kinross Gold in the 1st quarter valued at about $60,000. Sivia Capital Partners LLC acquired a new stake in shares of Kinross Gold in the fourth quarter valued at about $63,000. Bright Futures Wealth Management LLC. bought a new position in shares of Kinross Gold during the first quarter worth about $70,000. Finally, Fifth Third Bancorp lifted its stake in shares of Kinross Gold by 3,524.4% in the second quarter. Fifth Third Bancorp now owns 9,641 shares of the mining company’s stock worth $80,000 after acquiring an additional 9,375 shares during the period. 63.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

KGC has been the subject of a number of recent analyst reports. Scotiabank increased their target price on shares of Kinross Gold from $9.50 to $11.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Jefferies Financial Group lifted their target price on shares of Kinross Gold from $7.00 to $9.00 and gave the stock a “hold” rating in a research note on Friday, July 12th. StockNews.com cut shares of Kinross Gold from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Finally, CIBC increased their price target on Kinross Gold from $8.15 to $12.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.33.

Kinross Gold Price Performance

Shares of NYSE KGC opened at $9.81 on Friday. The firm has a market capitalization of $12.06 billion, a P/E ratio of 27.25, a P/E/G ratio of 0.55 and a beta of 1.23. The firm’s 50-day moving average price is $9.00 and its 200-day moving average price is $7.84. The company has a current ratio of 1.27, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. Kinross Gold Co. has a 1-year low of $4.32 and a 1-year high of $10.10.

Kinross Gold (NYSE:KGC) (TSE:K) last announced its quarterly earnings results on Wednesday, July 31st. The mining company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Kinross Gold had a return on equity of 9.32% and a net margin of 10.91%. The company’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. Equities research analysts anticipate that Kinross Gold Co. will post 0.6 earnings per share for the current fiscal year.

Kinross Gold Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Thursday, August 22nd were issued a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $0.12 annualized dividend and a yield of 1.22%. Kinross Gold’s payout ratio is 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.