Lundin Gold (TSE:LUG) Hits New 1-Year High on Analyst Upgrade

Lundin Gold Inc. (TSE:LUG)’s stock price hit 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.

Several other equities research analysts have also weighed in on the company. Jefferies Financial Group lowered Lundin Gold from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$37.00 to C$36.00 in a report on Wednesday, December 11th. BMO Capital Markets lowered shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 10th. TD Securities raised their price objective on shares of Lundin Gold from C$27.00 to C$38.00 in a research note on Friday, October 18th. CIBC upped their target price on shares of Lundin Gold from C$34.00 to C$41.00 in a research note on Monday, December 2nd. Finally, Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a research report on Thursday, October 31st. Six research 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average 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 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 Performance

The company has a market cap of C$9.21 billion, a price-to-earnings ratio of 29.74 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. The firm’s 50-day moving average price is C$33.92 and its 200 day moving average price is C$31.10.

Lundin Gold Cuts Dividend

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

About Lundin Gold

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.