Raffles Associates LP acquired a new position in Kirkland Lake Gold Ltd (NYSE:KL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 100,000 shares of the company’s stock, valued at approximately $1,899,000. Kirkland Lake Gold makes up about 1.7% of Raffles Associates LP’s investment portfolio, making the stock its 14th largest holding.

A number of other hedge funds have also recently modified their holdings of KL. Van ECK Associates Corp boosted its stake in Kirkland Lake Gold by 7.4% in the second quarter. Van ECK Associates Corp now owns 27,282,039 shares of the company’s stock valued at $577,291,000 after acquiring an additional 1,870,510 shares during the last quarter. FMR LLC boosted its stake in Kirkland Lake Gold by 48.7% in the second quarter. FMR LLC now owns 10,894,991 shares of the company’s stock valued at $230,720,000 after acquiring an additional 3,568,968 shares during the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its stake in Kirkland Lake Gold by 6.9% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 3,579,400 shares of the company’s stock valued at $99,651,000 after acquiring an additional 231,400 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Kirkland Lake Gold by 30.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,494,572 shares of the company’s stock valued at $47,244,000 after acquiring an additional 588,384 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Kirkland Lake Gold by 6.0% in the third quarter. American Century Companies Inc. now owns 2,098,051 shares of the company’s stock valued at $39,763,000 after acquiring an additional 119,555 shares during the last quarter. 40.45% of the stock is owned by institutional investors and hedge funds.

Shares of KL stock traded up $0.24 during trading on Thursday, reaching $22.31. 8,770 shares of the company’s stock traded hands, compared to its average volume of 914,309. The stock has a market capitalization of $4.63 billion, a P/E ratio of 32.06 and a beta of -0.25. The company has a current ratio of 2.00, a quick ratio of 1.77 and a debt-to-equity ratio of 0.01. Kirkland Lake Gold Ltd has a 1 year low of $13.03 and a 1 year high of $23.86.

Kirkland Lake Gold (NYSE:KL) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $0.28 EPS for the quarter, missing the Zacks’ consensus estimate of $0.31 by ($0.03). The business had revenue of $222.70 million for the quarter. Kirkland Lake Gold had a net margin of 25.02% and a return on equity of 20.81%. On average, equities analysts predict that Kirkland Lake Gold Ltd will post 1.15 EPS for the current year.

A number of brokerages recently commented on KL. ValuEngine upgraded shares of Kirkland Lake Gold from a “sell” rating to a “hold” rating in a research note on Friday, August 17th. Zacks Investment Research cut shares of Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research note on Thursday, October 4th.

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About Kirkland Lake Gold

Kirkland Lake Gold Ltd. engages in the exploration and development of gold properties. The company owns and operates four underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria, Australia, as well as three milling facilities in Canada and Australia.

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Institutional Ownership by Quarter for Kirkland Lake Gold (NYSE:KL)

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