Sumitomo Mitsui Trust Holdings Inc. reduced its stake in shares of Kirkland Lake Gold Ltd (NYSE:KL) by 8.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,177,616 shares of the company’s stock after selling 105,936 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.42% of Kirkland Lake Gold worth $48,347,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of KL. Bank of New York Mellon Corp lifted its stake in Kirkland Lake Gold by 32.3% in the first quarter. Bank of New York Mellon Corp now owns 367,607 shares of the company’s stock valued at $10,881,000 after acquiring an additional 89,649 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in Kirkland Lake Gold in the first quarter valued at approximately $125,000. Norges Bank acquired a new stake in Kirkland Lake Gold in the fourth quarter valued at approximately $115,208,000. Franklin Resources Inc. lifted its stake in Kirkland Lake Gold by 333.8% in the first quarter. Franklin Resources Inc. now owns 893,105 shares of the company’s stock valued at $26,284,000 after acquiring an additional 687,213 shares during the last quarter. Finally, WASHINGTON TRUST Co acquired a new stake in Kirkland Lake Gold in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 51.04% of the company’s stock.
A number of brokerages have recently weighed in on KL. Royal Bank of Canada restated a “buy” rating and issued a $45.00 price objective on shares of Kirkland Lake Gold in a research note on Sunday, May 17th. Zacks Investment Research cut shares of Kirkland Lake Gold from a “strong-buy” rating to a “hold” rating and set a $47.00 price objective for the company. in a research note on Wednesday, July 8th. TD Securities boosted their price objective on shares of Kirkland Lake Gold from $76.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday. BMO Capital Markets upgraded shares of Kirkland Lake Gold from a “market perform” rating to an “outperform” rating in a research note on Friday, May 29th. Finally, Roth Capital upgraded shares of Kirkland Lake Gold from a “neutral” rating to a “buy” rating in a research note on Thursday, June 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.10.
Shares of KL stock opened at $54.60 on Friday. Kirkland Lake Gold Ltd has a 1 year low of $18.02 and a 1 year high of $54.74. The firm’s fifty day simple moving average is $42.78 and its 200 day simple moving average is $38.55. The firm has a market capitalization of $15.14 billion, a P/E ratio of 18.57, a price-to-earnings-growth ratio of 5.04 and a beta of 0.84.
Kirkland Lake Gold (NYSE:KL) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.05. The firm had revenue of $580.98 million for the quarter, compared to analyst estimates of $566.08 million. Kirkland Lake Gold had a net margin of 36.22% and a return on equity of 29.43%. As a group, equities analysts anticipate that Kirkland Lake Gold Ltd will post 3.36 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Tuesday, June 30th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.92%. The ex-dividend date was Monday, June 29th. This is a positive change from Kirkland Lake Gold’s previous quarterly dividend of $0.06. Kirkland Lake Gold’s payout ratio is 18.25%.
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.
Want to see what other hedge funds are holding KL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Kirkland Lake Gold Ltd (NYSE:KL).
Receive News & Ratings for Kirkland Lake Gold Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Kirkland Lake Gold and related companies with MarketBeat.com's FREE daily email newsletter.