Lundin Gold (TSE:LUG) Reaches New 1-Year High After Analyst Upgrade

Lundin Gold Inc. (TSE:LUG) shares 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 trading hands. The stock had previously closed at C$39.89.

Several other brokerages have also recently commented on LUG. BMO Capital Markets cut Lundin Gold from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 10th. Cormark raised shares of Lundin Gold from a “market perform” rating to a “buy” rating and boosted their target price for the stock from C$35.00 to C$38.00 in a research report on Friday, January 10th. Jefferies Financial Group downgraded shares of Lundin Gold from a “buy” rating to a “hold” rating and cut their price target for the company from C$37.00 to C$36.00 in a report on Wednesday, December 11th. CIBC upped their price objective on shares of Lundin Gold from C$34.00 to C$41.00 in a report on Monday, December 2nd. Finally, TD Securities raised their target price on Lundin Gold from C$27.00 to C$38.00 in a report on Friday, October 18th. Six equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$33.70.

Insider Activity at Lundin Gold

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

Lundin Gold Trading Down 2.1 %

The business has a 50-day moving average price of C$33.92 and a 200-day moving average price of C$31.10. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28. The firm has a market capitalization of C$9.21 billion, a P/E ratio of 29.74 and a beta of 1.23.

Lundin Gold Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 20th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.09%. The ex-dividend date was Thursday, December 5th. Lundin Gold’s dividend payout ratio (DPR) is presently 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.