Vanguard Group Inc. lifted its stake in Kirkland Lake Gold Ltd (NYSE:KL) by 14.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,591,103 shares of the company’s stock after buying an additional 722,097 shares during the period. Vanguard Group Inc. owned about 2.66% of Kirkland Lake Gold worth $239,971,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Kirkland Lake Gold in the 2nd quarter worth approximately $30,000. Optimum Investment Advisors acquired a new stake in Kirkland Lake Gold during the 2nd quarter valued at $43,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Kirkland Lake Gold during the 2nd quarter valued at $65,000. Steward Partners Investment Advisory LLC acquired a new stake in Kirkland Lake Gold during the 2nd quarter valued at $90,000. Finally, Lenox Wealth Management Inc. acquired a new stake in Kirkland Lake Gold during the 2nd quarter valued at $161,000. 51.52% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on KL. Scotiabank set a $60.00 price target on Kirkland Lake Gold and gave the company a “hold” rating in a report on Wednesday, September 18th. Roth Capital raised their price target on Kirkland Lake Gold from $48.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Zacks Investment Research raised Kirkland Lake Gold from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, July 24th. Desjardins reaffirmed an “average” rating and set a $54.50 price target on shares of Kirkland Lake Gold in a report on Wednesday, July 17th. Finally, Royal Bank of Canada cut Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $54.00 to $72.00 in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Kirkland Lake Gold currently has an average rating of “Hold” and a consensus target price of $54.94.
Kirkland Lake Gold (NYSE:KL) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The firm had revenue of $281.27 million for the quarter, compared to analyst estimates of $273.55 million. Kirkland Lake Gold had a return on equity of 29.11% and a net margin of 34.59%. On average, equities analysts expect that Kirkland Lake Gold Ltd will post 2.36 earnings per share for the current fiscal year.
The company also recently disclosed a — dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a $0.04 dividend. The ex-dividend date is Friday, September 27th. This represents a yield of 0.4%. Kirkland Lake Gold’s payout ratio is 11.76%.
Kirkland Lake Gold Company Profile
Kirkland Lake Gold Ltd. engages in the acquisition, exploration, development, and operation of gold properties. It owns and operates four underground gold mines, including the Macassa, Holt, and Taylor mines located in northeastern Ontario, Canada; and the Fosterville Mine located in Victoria, Australia, as well as three milling facilities in Canada and Australia.
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