Zacks Investment Research cut shares of Kirkland Lake Gold (NYSE:KL) from a buy rating to a hold rating in a research note published on Thursday, November 9th. They currently have $16.00 target price 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. “
KL has been the topic of several other reports. Scotiabank upgraded shares of Kirkland Lake Gold from a sector perform rating to an outperform rating in a research report on Thursday, November 2nd. Desjardins cut shares of Kirkland Lake Gold from a buy rating to a hold rating in a report on Thursday, October 12th. National Bank Financial restated an outperform market weight rating on shares of Kirkland Lake Gold in a report on Thursday, September 21st. Finally, Royal Bank Of Canada restated an outperform rating on shares of Kirkland Lake Gold in a report on Thursday, September 7th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. Kirkland Lake Gold currently has a consensus rating of Buy and a consensus target price of $16.00.
Hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board acquired a new stake in shares of Kirkland Lake Gold in the 3rd quarter valued at $4,633,000. APG Asset Management N.V. acquired a new stake in shares of Kirkland Lake Gold in the 3rd quarter valued at $1,871,000. Ninepoint Partners LP acquired a new stake in shares of Kirkland Lake Gold in the 3rd quarter valued at $15,020,000. CIBC Asset Management Inc acquired a new stake in shares of Kirkland Lake Gold in the 3rd quarter valued at $9,870,000. Finally, Hawkins Capital L.P. acquired a new stake in shares of Kirkland Lake Gold in the 3rd quarter valued at $546,000. 41.45% of the stock is owned by institutional investors and hedge funds.
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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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