Kirkland Lake Gold Ltd (NYSE:KL) saw a large increase in short interest in 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 sold short. Based on an average trading volume of 1,610,000 shares, the short-interest ratio is currently 2.9 days.
Several institutional investors and hedge funds have recently modified their holdings of KL. BNP Paribas Arbitrage SA grew its stake in Kirkland Lake Gold by 14.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 19,960 shares of the company’s stock worth $857,000 after acquiring an additional 2,478 shares during the period. Confluence Investment Management LLC purchased a new stake in Kirkland Lake Gold in the 2nd quarter worth approximately $202,000. Carillon Tower Advisers Inc. grew its stake in Kirkland Lake Gold by 83.7% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 1,024,225 shares of the company’s stock worth $43,960,000 after acquiring an additional 466,600 shares during the period. Cim LLC grew its stake in Kirkland Lake Gold by 8.8% in the 2nd quarter. Cim LLC now owns 51,110 shares of the company’s stock worth $2,194,000 after acquiring an additional 4,151 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Kirkland Lake Gold by 4,056.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,053,657 shares of the company’s stock worth $44,780,000 after acquiring an additional 1,028,310 shares during the period. 51.54% of the stock is owned by institutional investors and hedge funds.
Shares of KL traded down $1.05 during mid-day trading on Friday, reaching $42.81. 106,988 shares of the company’s stock were exchanged, compared to its average volume of 1,592,948. The company has a 50-day simple moving average of $46.40 and a two-hundred day simple moving average of $38.52. Kirkland Lake Gold has a 52-week low of $17.26 and a 52-week high of $51.08. The company has a market cap of $9.05 billion, a price-to-earnings ratio of 31.50 and a beta of -0.10.
Kirkland Lake Gold (NYSE:KL) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.50 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. Kirkland Lake Gold had a net margin of 34.59% and a return on equity of 29.11%. The business had revenue of $281.27 million during the quarter, compared to analysts’ expectations of $273.55 million. On average, equities research analysts predict that Kirkland Lake Gold will post 2.38 EPS for the current fiscal year.
The firm also recently disclosed a — dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.04 per share. The ex-dividend date of this dividend is 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 recently issued reports on KL shares. Zacks Investment Research upgraded shares of 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. Desjardins reiterated an “average” rating and set a $54.50 price target on shares of Kirkland Lake Gold in a research report on Wednesday, July 17th. Royal Bank of Canada downgraded shares of 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 report on Thursday, September 5th. Scotiabank downgraded shares of Kirkland Lake Gold from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, July 3rd. Finally, ValuEngine downgraded shares of Kirkland Lake Gold from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $51.81.
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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