CIBC Asset Management Inc Sells 83,398 Shares of Kinross Gold Co. (KGC)

CIBC Asset Management Inc lessened its holdings in shares of Kinross Gold Co. (NYSE:KGC) (TSE:K) by 6.2% in the third quarter, Holdings Channel reports. The institutional investor owned 1,269,097 shares of the mining company’s stock after selling 83,398 shares during the quarter. CIBC Asset Management Inc’s holdings in Kinross Gold were worth $3,456,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in KGC. Regentatlantic Capital LLC grew its position in shares of Kinross Gold by 152.1% during the 2nd quarter. Regentatlantic Capital LLC now owns 28,135 shares of the mining company’s stock valued at $106,000 after buying an additional 16,975 shares during the last quarter. Vanguard Capital Wealth Advisors bought a new position in Kinross Gold in the 2nd quarter worth about $182,000. Nomura Holdings Inc. bought a new position in Kinross Gold in the 2nd quarter worth about $248,000. Tower Research Capital LLC TRC grew its position in Kinross Gold by 4,393.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 96,161 shares of the mining company’s stock worth $362,000 after purchasing an additional 94,021 shares during the last quarter. Finally, Malaga Cove Capital LLC grew its position in Kinross Gold by 75.3% in the 2nd quarter. Malaga Cove Capital LLC now owns 134,255 shares of the mining company’s stock worth $505,000 after purchasing an additional 57,673 shares during the last quarter. 53.65% of the stock is owned by institutional investors and hedge funds.

KGC has been the subject of several recent analyst reports. Deutsche Bank set a $4.00 target price on shares of Kinross Gold and gave the stock a “hold” rating in a research report on Tuesday, October 2nd. Credit Suisse Group initiated coverage on shares of Kinross Gold in a research report on Thursday, September 6th. They issued a “neutral” rating and a $4.00 target price for the company. BMO Capital Markets restated a “hold” rating and issued a $3.50 target price on shares of Kinross Gold in a research report on Friday, September 21st. JPMorgan Chase & Co. decreased their target price on shares of Kinross Gold from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Monday, September 17th. Finally, Royal Bank of Canada cut shares of Kinross Gold from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $5.00 to $4.75 in a research report on Monday, August 20th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company. Kinross Gold has an average rating of “Hold” and a consensus target price of $4.33.

Shares of NYSE:KGC opened at $2.66 on Friday. The company has a market capitalization of $3.38 billion, a PE ratio of 19.00 and a beta of 0.22. Kinross Gold Co. has a twelve month low of $2.51 and a twelve month high of $4.78. The company has a quick ratio of 1.88, a current ratio of 3.71 and a debt-to-equity ratio of 0.37.

Kinross Gold (NYSE:KGC) (TSE:K) last issued its quarterly earnings results on Wednesday, November 7th. The mining company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.05). The company had revenue of $753.90 million during the quarter, compared to analyst estimates of $777.48 million. Kinross Gold had a return on equity of 5.73% and a net margin of 11.67%. The company’s revenue was down 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.07 earnings per share. Equities analysts forecast that Kinross Gold Co. will post 0.16 earnings per share for the current year.

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About Kinross Gold

Kinross Gold Corporation, together with its subsidiaries, engages in the acquisition, exploration, extraction, and processing of gold-containing ore. It also engages in the reclamation of gold mining properties; and production and sale of silver. The company's gold production and exploration activities are carried out principally in Canada, the United States, Russia, Brazil, Chile, Ghana, and Mauritania.

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Institutional Ownership by Quarter for Kinross Gold (NYSE:KGC)

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