State of Tennessee Treasury Department lifted its holdings in Kirkland Lake Gold Ltd (NYSE:KL) by 10.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,363 shares of the company’s stock after acquiring an additional 12,755 shares during the quarter. State of Tennessee Treasury Department’s holdings in Kirkland Lake Gold were worth $4,197,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp lifted 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 valued at $465,761,000 after acquiring an additional 3,015,361 shares during the period. FMR LLC increased its stake in Kirkland Lake Gold by 38.0% during 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Kirkland Lake Gold by 30.4% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,187,834 shares of the company’s stock valued at $157,815,000 after purchasing an additional 1,210,933 shares in the last quarter. Bank of Montreal Can increased its stake in Kirkland Lake Gold by 31.7% during the 1st quarter. Bank of Montreal Can now owns 3,183,803 shares of the company’s stock valued at $96,820,000 after purchasing an additional 766,461 shares in the last quarter. Finally, Norges Bank bought a new stake in Kirkland Lake Gold during the 4th quarter valued at about $76,164,000. 47.63% of the stock is currently owned by institutional investors and hedge funds.
Shares of KL stock opened at $38.38 on Friday. Kirkland Lake Gold Ltd has a 52 week low of $17.26 and a 52 week high of $39.76. The company has a market capitalization of $8.18 billion, a PE ratio of 28.22 and a beta of -0.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.08 and a quick ratio of 1.89.
Kirkland Lake Gold (NYSE:KL) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. The company had revenue of $304.91 million for the quarter, compared to the consensus estimate of $386.33 million. Kirkland Lake Gold had a net margin of 32.67% and a return on equity of 27.33%. The firm’s revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.23 earnings per share. Equities research analysts anticipate that Kirkland Lake Gold Ltd will post 2.07 EPS for the current fiscal 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 issued a $0.03 dividend. This is an increase from Kirkland Lake Gold’s previous quarterly dividend of $0.03. The ex-dividend date of this dividend is Thursday, June 27th. This represents a $0.12 dividend on an annualized basis and a dividend yield of 0.31%. Kirkland Lake Gold’s dividend payout ratio (DPR) is presently 8.82%.
A number of analysts have weighed in on KL shares. National Bank Financial lowered shares of Kirkland Lake Gold from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Monday, May 27th. BMO Capital Markets restated an “average” rating and set a $50.00 price objective on shares of Kirkland Lake Gold in a research note on Monday, February 25th. TD Securities lowered shares of Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research note on Friday, February 22nd. Scotiabank lowered shares of Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating in a research note on Monday, February 25th. Finally, TheStreet upgraded shares of Kirkland Lake Gold from a “c” rating to an “a+” rating in a research note on Thursday, April 11th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Kirkland Lake Gold currently has a consensus rating of “Hold” and an average target price of $43.50.
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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.
Further Reading: Cash Flow
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