Kirkland Lake Gold Ltd (KL) Stake Increased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its stake in Kirkland Lake Gold Ltd (NYSE:KL) by 198.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,088,846 shares of the company’s stock after acquiring an additional 724,116 shares during the quarter. CIBC Asset Management Inc owned 0.52% of Kirkland Lake Gold worth $33,113,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Van ECK Associates Corp increased its stake in shares of Kirkland Lake Gold by 20.3% in 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 last quarter. 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. Vanguard Group Inc grew its position in shares of Kirkland Lake Gold by 4.2% in the 3rd quarter. Vanguard Group Inc now owns 4,583,689 shares of the company’s stock valued at $87,044,000 after purchasing an additional 183,922 shares during the period. Vanguard Group Inc. grew its position in shares of Kirkland Lake Gold by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 4,583,689 shares of the company’s stock valued at $87,044,000 after purchasing an additional 183,922 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Kirkland Lake Gold by 59.4% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,976,901 shares of the company’s stock valued at $103,659,000 after purchasing an additional 1,482,329 shares during the period. 45.93% of the stock is owned by institutional investors.

Shares of KL opened at $35.17 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.08 and a quick ratio of 1.86. Kirkland Lake Gold Ltd has a 52-week low of $17.26 and a 52-week high of $36.74. The company has a market capitalization of $7.00 billion, a P/E ratio of 25.86 and a beta of -0.36.

Kirkland Lake Gold (NYSE:KL) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Kirkland Lake Gold had a return on equity of 27.33% and a net margin of 32.67%. The firm had revenue of $304.91 million during the quarter, compared to the consensus estimate of $386.33 million. During the same quarter in the prior year, the firm posted $0.23 EPS. The business’s revenue was up 53.8% on a year-over-year basis. Equities analysts forecast that Kirkland Lake Gold Ltd will post 2.06 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be given a dividend of $0.03 per share. The ex-dividend date is Thursday, June 27th. This represents a $0.12 dividend on an annualized basis and a yield of 0.34%. This is an increase from Kirkland Lake Gold’s previous quarterly dividend of $0.03. Kirkland Lake Gold’s dividend payout ratio is 8.82%.

Several brokerages recently issued reports on KL. TD Securities lowered Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd. Roth Capital boosted their price objective on Kirkland Lake Gold from $31.00 to $41.00 and gave the company a “buy” rating in a research report on Friday, February 22nd. Scotiabank lowered Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating in a research report on Monday, February 25th. BMO Capital Markets reiterated an “average” rating and issued a $50.00 price objective on shares of Kirkland Lake Gold in a research report on Monday, February 25th. Finally, GMP Securities lowered Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research report on Friday, February 22nd. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $43.50.

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Kirkland Lake Gold 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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Institutional Ownership by Quarter for Kirkland Lake Gold (NYSE:KL)

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