Kirkland Lake Gold Ltd (NYSE:KL) saw a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 4,720,000 shares, an increase of 13.5% from the July 31st total of 4,160,000 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,610,000 shares, the short-interest ratio is currently 2.9 days.
A number of large investors have recently bought and sold shares of the stock. River & Mercantile Asset Management LLP purchased a new position in shares of Kirkland Lake Gold during the second quarter worth about $2,229,000. Toronto Dominion Bank grew its holdings in shares of Kirkland Lake Gold by 35.6% during the second quarter. Toronto Dominion Bank now owns 682,656 shares of the company’s stock worth $29,402,000 after purchasing an additional 179,246 shares during the last quarter. HM Payson & Co. purchased a new position in shares of Kirkland Lake Gold during the second quarter worth about $258,000. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Kirkland Lake Gold by 41.5% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,465 shares of the company’s stock worth $234,000 after purchasing an additional 1,602 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in shares of Kirkland Lake Gold by 16.5% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 475,639 shares of the company’s stock worth $20,414,000 after purchasing an additional 67,239 shares during the last quarter. 51.54% of the stock is currently owned by hedge funds and other institutional investors.
KL has been the subject of a number of research analyst reports. Scotiabank lowered Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, July 3rd. Roth Capital boosted their target price on Kirkland Lake Gold from $48.00 to $53.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. ValuEngine cut Kirkland Lake Gold from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada lowered Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating and lifted their price target for the company from $54.00 to $72.00 in a research note on Thursday, September 5th. Finally, Zacks Investment Research upgraded Kirkland Lake Gold from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, July 24th. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $51.81.
Kirkland Lake Gold (NYSE:KL) last posted its earnings results on Tuesday, July 30th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. The firm had revenue of $281.27 million for the quarter, compared to analyst estimates of $273.55 million. Kirkland Lake Gold had a return on equity of 29.11% and a net margin of 34.59%. As a group, analysts predict that Kirkland Lake Gold will post 2.38 earnings per share for the current year.
The firm also recently announced a — dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $0.04 dividend. This represents a yield of 0.4%. The ex-dividend date is Friday, September 27th. Kirkland Lake Gold’s dividend payout ratio (DPR) is presently 11.76%.
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.
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