Alberta Investment Management Corp reduced its holdings in shares of Kirkland Lake Gold Ltd (NYSE:KL) by 14.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,385,200 shares of the company’s stock after selling 390,000 shares during the quarter. Kirkland Lake Gold accounts for about 1.0% of Alberta Investment Management Corp’s investment portfolio, making the stock its 18th largest holding. Alberta Investment Management Corp owned about 1.13% of Kirkland Lake Gold worth $106,920,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the company. Bank of Nova Scotia bought a new position in Kirkland Lake Gold during the second quarter worth $27,000. Mark Sheptoff Financial Planning LLC bought a new position in Kirkland Lake Gold during the second quarter worth $30,000. Optimum Investment Advisors bought a new position in Kirkland Lake Gold during the second quarter worth $43,000. Patriot Financial Group Insurance Agency LLC bought a new position in Kirkland Lake Gold during the second quarter worth $65,000. Finally, Valeo Financial Advisors LLC lifted its stake in Kirkland Lake Gold by 115.2% during the third quarter. Valeo Financial Advisors LLC now owns 1,775 shares of the company’s stock worth $80,000 after purchasing an additional 950 shares during the last quarter. Institutional investors own 51.42% of the company’s stock.
KL has been the topic of several research analyst reports. Credit Suisse Group began coverage on Kirkland Lake Gold in a research note on Monday, October 7th. They set a “neutral” rating and a $47.00 price objective on the stock. National Bank Financial cut their target price on Kirkland Lake Gold from $71.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Monday. Zacks Investment Research upgraded Kirkland Lake Gold from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Wednesday, July 24th. Roth Capital cut Kirkland Lake Gold from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Thursday, October 10th. Finally, Scotiabank set a $60.00 target price on Kirkland Lake Gold and gave the company a “hold” rating in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.75.
Kirkland Lake Gold (NYSE:KL) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. The company 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, research analysts expect that Kirkland Lake Gold Ltd will post 2.33 earnings per share for the current fiscal year.
The firm also recently declared a — dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a dividend of $0.04 per share. This represents a dividend yield of 0.4%. The ex-dividend date of this dividend was Friday, September 27th. Kirkland Lake Gold’s dividend payout ratio (DPR) is 11.76%.
About Kirkland Lake Gold
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.
Read More: The limitations of an equal weight rating
Want to see what other hedge funds are holding KL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kirkland Lake Gold Ltd (NYSE:KL).
Receive News & Ratings for Kirkland Lake Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kirkland Lake Gold and related companies with MarketBeat.com's FREE daily email newsletter.