Kirkland Lake Gold (NYSE:KL) Lowered to “Hold” at ValuEngine

ValuEngine downgraded shares of Kirkland Lake Gold (NYSE:KL) from a buy rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

Several other analysts also recently weighed in on the company. Royal Bank of Canada reiterated a buy rating on shares of Kirkland Lake Gold in a research report on Wednesday, June 26th. National Bank Financial downgraded Kirkland Lake Gold from an outperform overweight rating to a sector perform overweight rating in a research report on Monday, May 27th. Zacks Investment Research upgraded Kirkland Lake Gold from a hold rating to a buy rating and set a $52.00 price objective for the company in a research report on Wednesday, July 24th. Roth Capital set a $48.00 target price on Kirkland Lake Gold and gave the company a buy rating in a research note on Thursday, July 11th. Finally, TheStreet raised Kirkland Lake Gold from a c rating to an a+ rating in a research note on Thursday, April 11th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Kirkland Lake Gold presently has an average rating of Hold and an average price target of $48.21.

KL stock traded down $0.59 during midday trading on Thursday, hitting $44.07. The company had a trading volume of 1,360,812 shares, compared to its average volume of 1,337,416. The company has a current ratio of 2.08, a quick ratio of 1.89 and a debt-to-equity ratio of 0.01. Kirkland Lake Gold has a 52 week low of $17.26 and a 52 week high of $47.21. The firm has a 50 day moving average price of $42.87. The company has a market capitalization of $8.68 billion, a PE ratio of 32.40 and a beta of -0.02.

Kirkland Lake Gold (NYSE:KL) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.53 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.01. Kirkland Lake Gold had a return on equity of 30.18% and a net margin of 34.59%. The firm had revenue of $304.91 million during the quarter, compared to the consensus estimate of $386.33 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. The business’s revenue was up 53.8% on a year-over-year basis. Equities research analysts predict that Kirkland Lake Gold will post 2.23 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 12th. Stockholders of record on Friday, June 28th were paid a dividend of $0.03 per share. The ex-dividend date of this dividend was Thursday, June 27th. This is a boost from Kirkland Lake Gold’s previous quarterly dividend of $0.03. This represents a $0.12 annualized dividend and a dividend yield of 0.27%. Kirkland Lake Gold’s payout ratio is 11.76%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Intercontinental Wealth Advisors LLC bought a new position in shares of Kirkland Lake Gold during the second quarter valued at $401,000. Capital Wealth Planning LLC bought a new position in shares of Kirkland Lake Gold during the second quarter valued at $880,000. Swiss National Bank lifted its holdings in shares of Kirkland Lake Gold by 235.4% during the second quarter. Swiss National Bank now owns 1,159,305 shares of the company’s stock valued at $49,943,000 after purchasing an additional 813,620 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Kirkland Lake Gold by 1,388.3% during the second quarter. Envestnet Asset Management Inc. now owns 132,890 shares of the company’s stock valued at $5,704,000 after purchasing an additional 123,961 shares in the last quarter. Finally, Morse Asset Management Inc bought a new position in shares of Kirkland Lake Gold during the second quarter valued at $1,506,000. 47.70% of the stock is currently owned by hedge funds and other institutional investors.

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.

Further Reading: What is Net Asset Value (NAV)?

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Analyst Recommendations for Kirkland Lake Gold (NYSE:KL)

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