Cape Ann Asset Management Reduces Stake in Kinross Gold Corporation

Cape Ann Asset Management Ltd has reduced its position in Kinross Gold Corporation (NYSE: KGC) by 1.2% during the third quarter of 2023. According to Holdings Channel.com, the firm now holds 3,507,938 shares after selling 41,700 shares within this period. Kinross Gold remains the largest investment in Cape Ann’s portfolio, comprising approximately 29.4% of total holdings, valued at around $87,172,000 based on its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made moves regarding their stakes in Kinross Gold. GPS Wealth Strategies Group LLC acquired a new position worth $29,000, while Stonehage Fleming Financial Services Holdings Ltd purchased shares valued at about $31,000. Armstrong Advisory Group Inc. increased its holdings by an impressive 95.6%, bringing its total to 1,467 shares worth approximately $36,000 after acquiring an additional 717 shares. Hollencrest Capital Management and Mather Group LLC also entered the fray with new stakes valued at $40,000 and $44,000, respectively. Overall, institutional investors now control 63.69% of Kinross Gold’s stock.

Current Trading Performance

As of the latest trading session, Kinross Gold shares opened at $33.42 on the New York Stock Exchange. The company has experienced significant fluctuations in its stock price over the past year, with a low of $10.32 and a high of $39.11. Kinross Gold’s financial health is reflected in its low debt-to-equity ratio of 0.08, a current ratio of 2.35, and a quick ratio of 1.68. The company’s market capitalization stands at $40.10 billion, with a price-to-earnings (P/E) ratio of 17.05 and a P/E/G ratio of 0.36. Its fifty-day moving average is $32.18, while the two-hundred-day moving average is $26.59.

Dividend Announcement and Analyst Ratings

In addition to the changes in shareholding, Kinross Gold announced a quarterly dividend of $0.04 per share, scheduled for distribution on March 26, 2024. Shareholders on record as of March 11, 2024, will receive this payment. This marks an increase from the previous quarterly dividend of the same amount, representing an annualized dividend of $0.16 and a yield of 0.5%. Currently, Kinross Gold’s dividend payout ratio is 7.14%.

Several analysts have recently weighed in on Kinross Gold shares. Desjardins initiated coverage with a “buy” rating on November 28, 2023. Jefferies Financial Group reaffirmed a “buy” rating with a price target of $33.00 on December 7, 2023. Weiss Ratings also maintained a “buy (a)” rating in a report dated January 28, 2024. Scotiabank raised its price target for Kinross Gold from $32.00 to $45.00, categorizing the stock as “outperform” on January 26, 2024. UBS Group set a price objective of $43.00 on January 30, 2024. Overall, two analysts have given Kinross Gold a “Strong Buy” rating, while nine analysts rated it as a “Buy” and four provided a “Hold” rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” with a consensus target price of $34.81.

Kinross Gold Corporation is a Toronto-based mining company primarily engaged in the exploration, development, and production of gold, with silver as a by-product at certain operations. Its activities encompass the entire mining lifecycle, from discovery and resource delineation to mine construction, operation, and site reclamation. The company manages a portfolio of producing mines and development projects across the Americas and West Africa, underscoring its significant global presence in the precious metals sector.