SlateStone Wealth LLC acquired a new position in shares of Kirkland Lake Gold Ltd (NYSE:KL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,000 shares of the company’s stock, valued at approximately $448,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Kirkland Lake Gold by 2,764.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 4,831,849 shares of the company’s stock worth $207,383,000 after purchasing an additional 4,663,187 shares in the last quarter. Invesco Ltd. increased its stake in shares of Kirkland Lake Gold by 105.9% in the second quarter. Invesco Ltd. now owns 2,200,755 shares of the company’s stock worth $94,456,000 after purchasing an additional 1,131,878 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Kirkland Lake Gold by 4,056.9% in the second quarter. JPMorgan Chase & Co. now owns 1,053,657 shares of the company’s stock worth $44,780,000 after purchasing an additional 1,028,310 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Kirkland Lake Gold in the second quarter worth about $39,201,000. Finally, Renaissance Technologies LLC increased its stake in shares of Kirkland Lake Gold by 63.8% in the second quarter. Renaissance Technologies LLC now owns 2,280,700 shares of the company’s stock worth $97,914,000 after purchasing an additional 888,300 shares in the last quarter. Institutional investors and hedge funds own 51.53% of the company’s stock.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research note on Saturday. National Bank Financial reduced their target price on shares of Kirkland Lake Gold from $71.00 to $70.00 and set a “sector perform” rating for the company in a research note on Monday, October 21st. Royal Bank of Canada downgraded shares of Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating and lifted their target price for the stock from $54.00 to $72.00 in a research note on Thursday, September 5th. TD Securities boosted their price objective on shares of Kirkland Lake Gold from $61.00 to $62.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Roth Capital cut shares of Kirkland Lake Gold from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. Kirkland Lake Gold has a consensus rating of “Hold” and a consensus target price of $57.23.
NYSE:KL traded up $0.40 during mid-day trading on Monday, hitting $45.61. 927,819 shares of the stock traded hands, compared to its average volume of 1,419,384. The business’s 50-day moving average price is $45.79 and its 200 day moving average price is $42.06. The company has a market cap of $9.53 billion, a PE ratio of 33.54 and a beta of -0.14. Kirkland Lake Gold Ltd has a 12-month low of $18.12 and a 12-month high of $51.08.
Kirkland Lake Gold (NYSE:KL) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.76 by $0.08. The company had revenue of $381.43 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.29 earnings per share. As a group, sell-side analysts predict that Kirkland Lake Gold Ltd will post 2.63 EPS for the current year.
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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