Kirkland Lake Gold (NYSE:KL) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Kirkland Lake Gold (NYSE:KL) issued its earnings results on Thursday. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.05, Fidelity Earnings reports. Kirkland Lake Gold had a net margin of 36.22% and a return on equity of 29.43%. The company had revenue of $580.98 million during the quarter, compared to analysts’ expectations of $566.08 million.

KL stock opened at $54.60 on Friday. Kirkland Lake Gold has a 52 week low of $18.02 and a 52 week high of $54.74. The company has a market capitalization of $14.07 billion, a price-to-earnings ratio of 18.57, a price-to-earnings-growth ratio of 5.04 and a beta of 0.84. The firm’s 50-day moving average is $42.78 and its two-hundred day moving average is $38.55.

The company also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.92%. This is a positive change from Kirkland Lake Gold’s previous quarterly dividend of $0.06. The ex-dividend date was Monday, June 29th. Kirkland Lake Gold’s payout ratio is presently 18.25%.

Several hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp raised its stake in shares of Kirkland Lake Gold by 42.5% in the 1st quarter. Van ECK Associates Corp now owns 21,121,296 shares of the company’s stock valued at $623,072,000 after buying an additional 6,295,862 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Kirkland Lake Gold by 165.1% in the 2nd quarter. CIBC Asset Management Inc now owns 3,935,876 shares of the company’s stock valued at $161,558,000 after buying an additional 2,451,165 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Kirkland Lake Gold by 38.6% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,685,966 shares of the company’s stock valued at $108,635,000 after buying an additional 1,027,337 shares in the last quarter. Invesco Ltd. raised its stake in shares of Kirkland Lake Gold by 124.1% in the 1st quarter. Invesco Ltd. now owns 2,851,602 shares of the company’s stock valued at $84,407,000 after buying an additional 1,579,083 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Kirkland Lake Gold by 127.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,154,671 shares of the company’s stock valued at $62,747,000 after buying an additional 1,208,416 shares in the last quarter. Institutional investors own 51.04% of the company’s stock.

KL has been the topic of several research reports. ValuEngine lowered shares of Kirkland Lake Gold from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Royal Bank of Canada restated a “buy” rating and set a $45.00 target price on shares of Kirkland Lake Gold in a research report on Sunday, May 17th. Scotiabank raised their target price on shares of Kirkland Lake Gold from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. BMO Capital Markets upgraded shares of Kirkland Lake Gold from a “market perform” rating to an “outperform” rating in a research report on Friday, May 29th. Finally, Roth Capital upgraded shares of Kirkland Lake Gold from a “neutral” rating to a “buy” rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $56.10.

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.

Featured Story: What are different types of coverage ratios?

Earnings History for Kirkland Lake Gold (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.