Lundin Gold Inc. (TSE:LUG) Announces Dividend Increase – $0.55 Per Share

Lundin Gold Inc. (TSE:LUG) declared a quarterly dividend on Tuesday, September 10th, Zacks reports. Stockholders of record on Wednesday, September 25th will be paid a dividend of 0.551 per share on Wednesday, September 25th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 8.52%. The ex-dividend date of this dividend is Tuesday, September 10th. This is an increase from Lundin Gold’s previous quarterly dividend of $0.10.

Lundin Gold Price Performance

LUG stock opened at C$25.86 on Friday. The stock’s 50 day moving average price is C$24.14 and its 200 day moving average price is C$20.68. The firm has a market cap of C$6.20 billion, a P/E ratio of 20.36 and a beta of 1.23. The company has a debt-to-equity ratio of 14.28, a quick ratio of 1.41 and a current ratio of 1.98. Lundin Gold has a 1 year low of C$14.23 and a 1 year high of C$28.26.

Lundin Gold (TSE:LUG) last released its quarterly earnings results on Thursday, August 8th. The company reported C$0.55 earnings per share for the quarter, missing analysts’ consensus estimates of C$0.62 by C($0.07). The company had revenue of C$412.43 million during the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%. On average, sell-side analysts expect that Lundin Gold will post 2.5546059 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on LUG shares. Jefferies Financial Group upped their target price on shares of Lundin Gold from C$24.00 to C$26.00 in a report on Friday, July 12th. National Bankshares upped their price objective on shares of Lundin Gold from C$30.75 to C$32.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. Scotiabank lifted their target price on shares of Lundin Gold from C$23.50 to C$25.50 in a research note on Monday, August 19th. TD Securities boosted their price target on Lundin Gold from C$24.00 to C$27.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, CIBC raised their price objective on Lundin Gold from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Wednesday. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Lundin Gold currently has a consensus rating of “Buy” and a consensus target price of C$26.27.

Insiders Place Their Bets

In other news, Senior Officer Chester See sold 30,100 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$20.27, for a total transaction of C$610,253.42. 58.79% of the stock is currently owned by insiders.

Lundin Gold Company Profile

Lundin Gold Inc operates as a mining company in Canada. The company holds interests in 28 metallic mineral concessions and three construction material concessions covering an area of approximately 64,454 hectares located in Southeast Ecuador. It primary holds 100% interests in the Fruta del Norte gold project that comprising seven concessions covering an area of approximately 5,566 hectares located near the city of Loja in Ecuador.