Kirkland Lake Gold’s (KL) Hold Rating Reaffirmed at CIBC
CIBC reissued their hold rating on shares of Kirkland Lake Gold (NYSE:KL) in a research note released on Sunday morning, AnalystRatings.com reports. They currently have a $60.00 price objective on the stock.
A number of other equities research analysts have also issued reports on KL. Roth Capital lowered Kirkland Lake Gold from a buy rating to a neutral rating and set a $50.00 price target for the company. in a research note on Thursday, October 10th. Zacks Investment Research downgraded Kirkland Lake Gold from a buy rating to a hold rating in a research report on Saturday, January 4th. Credit Suisse Group assumed coverage on Kirkland Lake Gold in a research note on Monday, October 7th. They issued a neutral rating and a $47.00 price objective for the company. Canaccord Genuity cut Kirkland Lake Gold from a buy rating to a hold rating in a research report on Tuesday, November 26th. Finally, National Bank Financial downgraded Kirkland Lake Gold from a sector perform rating to an underperform rating in a research note on Tuesday, November 26th. Two analysts have rated the stock with a sell rating and twelve have given a hold rating to the company’s stock. The company has an average rating of Hold and an average target price of $55.31.
KL opened at $44.95 on Friday. The company has a 50 day simple moving average of $42.63 and a two-hundred day simple moving average of $44.86. The firm has a market cap of $9.45 billion, a P/E ratio of 33.05 and a beta of -0.23. Kirkland Lake Gold has a 1-year low of $26.28 and a 1-year high of $51.08.
The business also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Tuesday, December 31st were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, December 30th. This represents a $0.24 annualized dividend and a yield of 0.53%. This is a boost from Kirkland Lake Gold’s previous quarterly dividend of $0.03. Kirkland Lake Gold’s payout ratio is presently 17.65%.
Several hedge funds have recently modified their holdings of KL. Chase Investment Counsel Corp increased its position in Kirkland Lake Gold by 0.7% in the third quarter. Chase Investment Counsel Corp now owns 104,289 shares of the company’s stock worth $4,672,000 after purchasing an additional 694 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Kirkland Lake Gold by 2.1% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 34,261 shares of the company’s stock worth $1,470,000 after buying an additional 712 shares during the last quarter. Optimum Investment Advisors increased its holdings in shares of Kirkland Lake Gold by 90.0% in the 3rd quarter. Optimum Investment Advisors now owns 1,900 shares of the company’s stock worth $85,000 after buying an additional 900 shares during the last quarter. Valeo Financial Advisors LLC increased its holdings in shares of Kirkland Lake Gold by 115.2% in the 3rd quarter. Valeo Financial Advisors LLC now owns 1,775 shares of the company’s stock worth $80,000 after buying an additional 950 shares during the last quarter. Finally, Bartlett & Co. LLC purchased a new stake in shares of Kirkland Lake Gold during the 3rd quarter valued at about $59,000. 53.18% of the stock is currently owned by hedge funds and other institutional investors.
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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