Kirkland Lake Gold (KL) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Kirkland Lake Gold (NYSE:KL) from a hold rating to a buy rating in a research note published on Wednesday morning. Zacks Investment Research currently has $17.00 price objective 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. “
Several other brokerages have also weighed in on KL. Scotiabank raised Kirkland Lake Gold from a sector perform rating to an outperform rating in a research report on Thursday, November 2nd. Desjardins raised Kirkland Lake Gold from a hold rating to a buy rating in a research report on Monday, November 27th. National Bank Financial reissued an outperform market weight rating on shares of Kirkland Lake Gold in a research report on Thursday, September 21st. Finally, Royal Bank of Canada reissued an outperform rating on shares of Kirkland Lake Gold in a research report on Thursday, September 7th. Four analysts have rated the stock with a buy rating, The company currently has a consensus rating of Buy and an average price target of $17.00.
Shares of Kirkland Lake Gold (NYSE KL) traded up $0.19 on Wednesday, hitting $16.52. The stock had a trading volume of 572,401 shares, compared to its average volume of 616,969. The company has a quick ratio of 1.32, a current ratio of 1.59 and a debt-to-equity ratio of 0.02. Kirkland Lake Gold has a fifty-two week low of $5.52 and a fifty-two week high of $16.76. The stock has a market cap of $3,430.00 and a PE ratio of 36.71.
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Friday, December 29th will be given a dividend of $0.016 per share. This represents a $0.06 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Thursday, December 28th. Kirkland Lake Gold’s dividend payout ratio (DPR) is presently 13.33%.
Several hedge funds and other institutional investors have recently modified their holdings of KL. BNP Paribas Arbitrage SA acquired a new position in Kirkland Lake Gold during the third quarter worth approximately $158,000. Cubist Systematic Strategies LLC acquired a new position in Kirkland Lake Gold during the third quarter worth approximately $199,000. Schroder Investment Management Group acquired a new position in Kirkland Lake Gold during the third quarter worth approximately $231,000. Legal & General Group Plc acquired a new position in Kirkland Lake Gold during the third quarter worth approximately $360,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Kirkland Lake Gold during the third quarter worth approximately $361,000. 41.45% of the stock is currently owned by institutional investors and hedge funds.
About Kirkland Lake Gold
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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