Kirkland Lake Gold (KL) Cut to “Sell” at Zacks Investment Research
Zacks Investment Research downgraded shares of Kirkland Lake Gold (NYSE:KL) from a buy rating to a sell rating in a research note issued to investors on Tuesday.
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. “
Other equities analysts have also recently issued reports about the company. Scotiabank upgraded Kirkland Lake Gold from a sector perform rating to an outperform rating in a report on Thursday, November 2nd. Desjardins upgraded Kirkland Lake Gold from a hold rating to a buy rating in a report on Monday, November 27th. Finally, National Bank Financial restated an outperform market weight rating on shares of Kirkland Lake Gold in a report on Thursday, September 21st. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $17.00.
Kirkland Lake Gold (NYSE:KL) last announced its earnings results on Thursday, November 2nd. The company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.08). Kirkland Lake Gold had a net margin of 14.12% and a return on equity of 10.95%. sell-side analysts predict that Kirkland Lake Gold will post 0.65 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, January 15th. Shareholders of record on Friday, December 29th were issued a dividend of $0.016 per share. This represents a $0.06 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend was Thursday, December 28th. Kirkland Lake Gold’s payout ratio is 13.33%.
Institutional investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA bought a new position in shares of Kirkland Lake Gold during the 3rd quarter worth approximately $158,000. Cubist Systematic Strategies LLC bought a new position in shares of Kirkland Lake Gold during the 3rd quarter worth approximately $199,000. Schroder Investment Management Group bought a new position in shares of Kirkland Lake Gold during the 3rd quarter worth approximately $231,000. Legal & General Group Plc bought a new position in shares of Kirkland Lake Gold during the 3rd quarter worth approximately $360,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Kirkland Lake Gold during the 3rd quarter worth approximately $361,000. Hedge funds and other institutional investors own 41.45% of the company’s stock.
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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