Brokerages Set Kirkland Lake Gold Ltd (KL) Target Price at $47.25
Shares of Kirkland Lake Gold Ltd (NYSE:KL) have received an average rating of “Hold” from the twelve research firms that are covering the stock, Marketbeat Ratings reports. Eight analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokers that have covered the stock in the last year is $47.25.
KL has been the subject of several analyst reports. Eight Capital restated an “average” rating and set a $45.00 target price on shares of Kirkland Lake Gold in a research report on Tuesday, January 15th. Canaccord Genuity initiated coverage on Kirkland Lake Gold in a research report on Tuesday, January 22nd. They set a “buy” rating for the company. ValuEngine upgraded Kirkland Lake Gold from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. Zacks Investment Research upgraded Kirkland Lake Gold from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research report on Friday, February 8th. Finally, TD Securities lowered Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd.
Several institutional investors and hedge funds have recently modified their holdings of KL. FMR LLC grew its position in shares of Kirkland Lake Gold by 38.0% in the 4th quarter. FMR LLC now owns 11,869,427 shares of the company’s stock valued at $309,516,000 after purchasing an additional 3,268,950 shares during the period. Van ECK Associates Corp boosted its position in Kirkland Lake Gold by 20.3% during the 4th quarter. Van ECK Associates Corp now owns 17,843,170 shares of the company’s stock worth $465,761,000 after acquiring an additional 3,015,361 shares during the last quarter. Norges Bank acquired a new position in Kirkland Lake Gold during the 4th quarter worth approximately $76,164,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in Kirkland Lake Gold by 59.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,976,901 shares of the company’s stock worth $103,659,000 after acquiring an additional 1,482,329 shares during the last quarter. Finally, Investec Asset Management LTD boosted its position in Kirkland Lake Gold by 91.2% during the 4th quarter. Investec Asset Management LTD now owns 2,142,719 shares of the company’s stock worth $55,851,000 after acquiring an additional 1,021,870 shares during the last quarter. Institutional investors and hedge funds own 47.28% of the company’s stock.
Kirkland Lake Gold (NYSE:KL) last posted its earnings results on Tuesday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.52 by $0.01. The company had revenue of $304.91 million during the quarter, compared to analyst estimates of $386.33 million. Kirkland Lake Gold had a return on equity of 27.33% and a net margin of 32.67%. The company’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.23 EPS. As a group, sell-side analysts expect that Kirkland Lake Gold will post 2.06 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a $0.03 dividend. The ex-dividend date is Thursday, June 27th. This is a positive change from Kirkland Lake Gold’s previous quarterly dividend of $0.03. This represents a $0.12 annualized dividend and a dividend yield of 0.34%. Kirkland Lake Gold’s payout ratio is currently 8.82%.
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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