Kirkland Lake Gold (NYSE:KL) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Kirkland Lake Gold (NYSE:KL) from a buy rating to a hold rating in a report published on Saturday, Zacks.com reports.

According to Zacks, “Kirkland Lake Gold Ltd. engages in the provision of mining and mineral exploration. It focuses on gold assets primarily in Macassa Mine Complex, the Taylor Mine located in northeastern Ontario and the Fosterville Gold Mine located in the state of Victoria, Australia. Kirkland Lake Gold Ltd. is headquartered in Toronto, Canada. “

A number of other analysts have also weighed in on KL. Credit Suisse Group started coverage on shares of Kirkland Lake Gold in a report on Monday, October 7th. They issued a neutral rating and a $47.00 price target for the company. National Bank Financial lowered their price target on shares of Kirkland Lake Gold from $71.00 to $70.00 and set a sector perform rating for the company in a report on Monday, October 21st. Scotiabank set a $60.00 price target on shares of Kirkland Lake Gold and gave the company a hold rating in a report on Wednesday, September 18th. Roth Capital lowered shares of Kirkland Lake Gold from a buy rating to a neutral rating and set a $50.00 price target for the company. in a report on Thursday, October 10th. Finally, Desjardins reaffirmed an average rating and issued a $54.50 price objective on shares of Kirkland Lake Gold in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. Kirkland Lake Gold currently has a consensus rating of Hold and a consensus price target of $57.23.

Shares of Kirkland Lake Gold stock traded down $1.11 during midday trading on Friday, reaching $45.21. The company had a trading volume of 1,144,518 shares, compared to its average volume of 1,421,648. The company has a market capitalization of $9.54 billion, a price-to-earnings ratio of 33.24 and a beta of -0.14. The stock has a fifty day simple moving average of $45.79 and a 200 day simple moving average of $42.06. Kirkland Lake Gold has a 1-year low of $18.12 and a 1-year high of $51.08.

Kirkland Lake Gold (NYSE:KL) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.08. The business had revenue of $381.43 million during the quarter, compared to analyst estimates of $375.14 million. Kirkland Lake Gold had a net margin of 34.59% and a return on equity of 29.11%. Kirkland Lake Gold’s revenue for the quarter was up 71.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. Equities research analysts expect that Kirkland Lake Gold will post 2.63 earnings per share for the current year.

The firm also recently disclosed a — dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $0.04 dividend. The ex-dividend date of this dividend was Friday, September 27th. This represents a yield of 0.4%. Kirkland Lake Gold’s payout ratio is presently 11.76%.

A number of hedge funds have recently made changes to their positions in the business. Trillium Asset Management LLC bought a new position in shares of Kirkland Lake Gold during the third quarter worth $232,000. SlateStone Wealth LLC bought a new position in shares of Kirkland Lake Gold during the third quarter worth $448,000. Morse Asset Management Inc boosted its position in shares of Kirkland Lake Gold by 80.0% during the third quarter. Morse Asset Management Inc now owns 63,150 shares of the company’s stock worth $2,829,000 after purchasing an additional 28,070 shares in the last quarter. Lenox Wealth Management Inc. boosted its position in shares of Kirkland Lake Gold by 68.4% during the third quarter. Lenox Wealth Management Inc. now owns 6,325 shares of the company’s stock worth $283,000 after purchasing an additional 2,568 shares in the last quarter. Finally, Bartlett & Co. LLC bought a new position in shares of Kirkland Lake Gold during the third quarter worth $59,000. 51.53% of the stock is currently owned by hedge funds and other institutional investors.

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.

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