Contrarius Investment Management Ltd Lowers stake in Kinross Gold Corporation (USA) (KGC)

Kinross Gold Corporation (USA) (KGC) : Contrarius Investment Management Ltd reduced its stake in Kinross Gold Corporation (USA) by 27.78% during the most recent quarter end. The investment management company now holds a total of 21,591,945 shares of Kinross Gold Corporation (USA) which is valued at $111.8 Million after selling 8,303,557 shares in Kinross Gold Corporation (USA) , the firm said in a disclosure report filed with the SEC on May 11, 2016.Kinross Gold Corporation (USA) makes up approximately 9.65% of Contrarius Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Norges Bank boosted its stake in KGC in the latest quarter, The investment management firm added 203,887 additional shares and now holds a total of 5,114,408 shares of Kinross Gold Corporation (USA) which is valued at $26.5 Million. Kinross Gold Corporation (USA) makes up approx 0.01% of Norges Bank’s portfolio.Alps Advisors Inc reduced its stake in KGC by selling 88,851 shares or 6.47% in the most recent quarter. The Hedge Fund company now holds 1,285,430 shares of KGC which is valued at $6.7 Million. Kinross Gold Corporation (USA) makes up approx 0.06% of Alps Advisors Inc’s portfolio.Profund Advisors boosted its stake in KGC in the latest quarter, The investment management firm added 40,688 additional shares and now holds a total of 197,722 shares of Kinross Gold Corporation (USA) which is valued at $1.1 Million. Kinross Gold Corporation (USA) makes up approx 0.06% of Profund Advisors’s portfolio.

Kinross Gold Corporation (USA) opened for trading at $5.33 and hit $5.41 on the upside on Monday, eventually ending the session at $5.27, with a gain of 1.74% or 0.09 points. The heightened volatility saw the trading volume jump to 1,26,70,769 shares. Company has a market cap of $6,557 M.

On the company’s financial health, Kinross Gold Corporation (USA) reported $-0.06 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Feb 10, 2016. Analyst had a consensus of $-0.05. The company had revenue of $706.20 million for the quarter, compared to analysts expectations of $693.07 million. The company’s revenue was down -10.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.01 EPS.

Many Wall Street Analysts have commented on Kinross Gold Corporation (USA). Kinross Gold Corporation (USA) was Upgraded by Goldman to ” Neutral” on May 11, 2016. Kinross Gold Corporation (USA) was Downgraded by Credit Suisse to ” Neutral” on May 3, 2016. Company shares were Upgraded by RBC Capital Mkts on Apr 11, 2016 to ” Outperform”, Firm has raised the Price Target to $ 4.75 from a previous price target of $3.50 .

Kinross Gold Corporation is a senior gold mining company. The Company is engaged in gold mining and related activities including exploration and acquisition of gold-bearing properties the extraction and processing of gold-containing ore and reclamation of gold mining properties. The Company’s segments include Fort Knox Round Mountain Kettle River-Buckhorn Kupol Paracatu Maricunga Tasiast and Chirano. Its gold production and exploration activities are carried out principally in Canada the United States the Russian Federation Brazil Chile Ghana and Mauritania. Its gold is produced in the form of dore which is shipped to refineries for final processing. It also produces and sells silver.

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