Kirkland Lake Gold Ltd. (KL) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Kirkland Lake Gold Ltd. (NYSE:KL) from a buy rating to a hold rating in a research note published on Thursday morning. The firm currently has $16.00 price target on the stock.
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 research firms have also recently issued reports on KL. Royal Bank Of Canada restated an outperform rating on shares of Kirkland Lake Gold in a report on Thursday, September 7th. National Bank Financial reiterated an outperform market weight rating on shares of Kirkland Lake Gold in a research note on Thursday, September 21st. Desjardins initiated coverage on shares of Kirkland Lake Gold in a research note on Friday, September 29th. They issued a buy rating for the company. Finally, Scotiabank raised shares of Kirkland Lake Gold from a sector perform rating to an outperform rating in a research report on Thursday, November 2nd. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $16.00.
Shares of Kirkland Lake Gold (KL) traded down $0.11 during trading hours on Thursday, reaching $14.40. 407,900 shares of the company’s stock traded hands, compared to its average volume of 224,366. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.32 and a current ratio of 1.59. Kirkland Lake Gold has a 52 week low of $4.74 and a 52 week high of $15.19. The firm has a market cap of $2,990.00 and a P/E ratio of 24.83.
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The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Investors of record on Friday, September 29th were given a $0.008 dividend. This represents a $0.03 annualized dividend and a yield of 0.22%. The ex-dividend date was Thursday, September 28th. Kirkland Lake Gold’s dividend payout ratio (DPR) is presently 6.67%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. APG Asset Management N.V. acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $1,871,000. Legal & General Group Plc acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $360,000. Great West Life Assurance Co. Can acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $905,000. Van ECK Associates Corp acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $310,368,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $361,000. 3.35% of the stock is owned by institutional investors.
Kirkland Lake Gold Company Profile
Kirkland Lake Gold Ltd. engages in the exploration and development of gold properties. The company owns and operates five underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria and the Cosmo Mine in Northern Territory, Australia, as well as four milling facilities in Canada and Australia.
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