Kirkland Lake Gold Ltd. (KL) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Kirkland Lake Gold Ltd. (NYSE:KL) from a buy rating to a hold rating in a report issued on Thursday. They currently have $16.00 price target on the stock.

According to Zacks, “Kirkland Lake Gold Ltd. engages in the provision of mining and mineral exploration. It focuses on gold assets primarily in Macassa Mine Complex, the Taylor Mine located in northeastern Ontario and the Fosterville Gold Mine located in the state of Victoria, Australia. Kirkland Lake Gold Ltd. is headquartered in Toronto, Canada. “

Other equities research analysts also recently issued reports about the stock. National Bank Financial reiterated an outperform market weight rating on shares of Kirkland Lake Gold in a research report on Thursday, September 21st. Royal Bank of Canada reiterated an outperform rating on shares of Kirkland Lake Gold in a research report on Thursday, September 7th. Desjardins assumed coverage on shares of Kirkland Lake Gold in a research report on Friday, September 29th. They issued a buy rating for the company. Finally, Scotiabank upgraded shares of Kirkland Lake Gold from a sector perform rating to an outperform rating in a research report on Thursday, November 2nd. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Kirkland Lake Gold currently has a consensus rating of Buy and a consensus price target of $16.00.

Kirkland Lake Gold (KL) traded down $0.11 during midday trading on Thursday, hitting $14.40. 407,900 shares of the stock were exchanged, compared to its average volume of 224,366. The company has a current ratio of 1.59, a quick ratio of 1.32 and a debt-to-equity ratio of 0.02. Kirkland Lake Gold has a 52 week low of $4.74 and a 52 week high of $15.19. The firm has a market capitalization of $3,011.66 and a P/E ratio of 25.02.

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The firm also recently declared a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were given a $0.008 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $0.03 dividend on an annualized basis and a dividend yield of 0.22%. Kirkland Lake Gold’s payout ratio is 6.82%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA acquired a new stake in shares of Kirkland Lake Gold in the third quarter valued at approximately $158,000. Schroder Investment Management Group acquired a new position in Kirkland Lake Gold during the third quarter valued at approximately $231,000. Legal & General Group Plc acquired a new position in Kirkland Lake Gold during the third quarter valued at approximately $360,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Kirkland Lake Gold during the third quarter valued at approximately $361,000. Finally, Bank of New York Mellon Corp acquired a new position in Kirkland Lake Gold during the third quarter valued at approximately $541,000. Institutional investors own 1.05% of the company’s stock.

About Kirkland Lake Gold

Kirkland Lake Gold Ltd. engages in the exploration and development of gold properties. The company owns and operates five underground gold mines, including the Macassa mine, the Holt mine, and the Taylor mine in Ontario, Canada; and the Fosterville Mine in Victoria and the Cosmo Mine in Northern Territory, Australia, as well as four milling facilities in Canada and Australia.

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