Artemis Investment Management LLP reduced its stake in Kirkland Lake Gold Ltd (NYSE:KL) by 30.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 236,174 shares of the company’s stock after selling 101,346 shares during the quarter. Artemis Investment Management LLP’s holdings in Kirkland Lake Gold were worth $10,585,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia bought a new stake in Kirkland Lake Gold during the second quarter valued at about $27,000. Mark Sheptoff Financial Planning LLC bought a new stake in Kirkland Lake Gold during the second quarter valued at about $30,000. Optimum Investment Advisors bought a new stake in Kirkland Lake Gold during the second quarter valued at about $43,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Kirkland Lake Gold during the second quarter valued at about $65,000. Finally, Steward Partners Investment Advisory LLC bought a new stake in Kirkland Lake Gold during the second quarter valued at about $90,000. 51.52% of the stock is currently owned by institutional investors.
Shares of KL stock opened at $44.73 on Friday. Kirkland Lake Gold Ltd has a 12-month low of $18.12 and a 12-month high of $51.08. The stock’s 50-day moving average price is $46.89 and its 200-day moving average price is $40.19. The stock has a market capitalization of $9.40 billion, a price-to-earnings ratio of 32.89 and a beta of -0.13.
Kirkland Lake Gold (NYSE:KL) last issued its earnings results on Tuesday, July 30th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. Kirkland Lake Gold had a return on equity of 29.11% and a net margin of 34.59%. The firm had revenue of $281.27 million for the quarter, compared to analysts’ expectations of $273.55 million. As a group, research analysts forecast that Kirkland Lake Gold Ltd will post 2.36 EPS for the current fiscal year.
The company also recently announced a — dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were issued a $0.04 dividend. The ex-dividend date was Friday, September 27th. This represents a dividend yield of 0.4%. Kirkland Lake Gold’s dividend payout ratio (DPR) is 11.76%.
A number of equities research analysts have commented on KL shares. Scotiabank set a $60.00 price target on Kirkland Lake Gold and gave the company a “hold” rating in a report on Wednesday, September 18th. CIBC set a $67.00 price target on Kirkland Lake Gold and gave the company a “buy” rating in a report on Wednesday. ValuEngine cut Kirkland Lake Gold from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 2nd. Credit Suisse Group started coverage on Kirkland Lake Gold in a report on Monday, October 7th. They issued a “neutral” rating and a $47.00 target price on the stock. Finally, Desjardins reaffirmed an “average” rating and issued a $54.50 target price on shares of Kirkland Lake Gold in a report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $55.28.
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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