Lundin Gold (TSE:LUG) Reaches New 12-Month High on Analyst Upgrade

Lundin Gold Inc. (TSE:LUG)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from C$31.00 to C$35.00. Royal Bank of Canada currently has a sector perform rating on the stock. Lundin Gold traded as high as C$41.28 and last traded at C$40.88, with a volume of 394950 shares changing hands. The stock had previously closed at C$39.89.

A number of other brokerages have also issued reports on LUG. CIBC boosted their price target on Lundin Gold from C$34.00 to C$41.00 in a research report on Monday, December 2nd. Canaccord Genuity Group lowered shares of Lundin Gold from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Scotiabank raised their target price on shares of Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Desjardins raised shares of Lundin Gold to a “moderate buy” rating in a research note on Thursday, October 31st. Finally, BMO Capital Markets cut shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$33.70.

Insider Activity

In other Lundin Gold news, Director Pablo Mir sold 11,535 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of C$30.78, for a total value of C$355,001.16. Insiders own 58.72% of the company’s stock.

Lundin Gold Stock Down 2.1 %

The firm has a market cap of C$9.21 billion, a PE ratio of 29.74 and a beta of 1.23. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.98 and a quick ratio of 1.41. The business has a fifty day moving average price of C$33.92 and a two-hundred day moving average price of C$31.10.

Lundin Gold Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 20th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.09%. The ex-dividend date was Thursday, December 5th. Lundin Gold’s dividend payout ratio is currently 82.95%.

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.