Lundin Gold (TSE:LUG) Sets New 52-Week High – What’s Next?

Lundin Gold Inc. (TSE:LUG) reached a new 52-week high during trading on Wednesday . The stock traded as high as C$45.89 and last traded at C$45.20, with a volume of 134973 shares trading hands. The stock had previously closed at C$43.23.

Wall Street Analyst Weigh In

LUG has been the subject of several recent research reports. Scotiabank raised their price target on shares of Lundin Gold from C$30.00 to C$31.50 in a research report on Wednesday, January 15th. Desjardins increased their price objective on Lundin Gold from C$38.00 to C$42.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada boosted their target price on Lundin Gold from C$37.00 to C$42.00 in a research note on Friday, April 4th. CIBC lowered Lundin Gold from an “outperform” rating to a “neutral” rating and increased their price target for the company from C$41.00 to C$44.00 in a research report on Thursday, March 20th. Finally, TD Securities boosted their price objective on Lundin Gold from C$40.00 to C$46.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Eight research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of C$38.18.

Lundin Gold Stock Performance

The business has a fifty day moving average of C$41.68 and a two-hundred day moving average of C$35.74. The firm has a market cap of C$8.34 billion, a price-to-earnings ratio of 27.42 and a beta of 1.23.

Lundin Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th were issued a $0.43 dividend. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, March 11th. This represents a $1.72 annualized dividend and a yield of 3.52%. Lundin Gold’s dividend payout ratio is 60.06%.

Insider Transactions at Lundin Gold

In other news, Director Ian Gibbs sold 14,200 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of C$41.40, for a total value of C$587,880.00. Also, Senior Officer Chester See sold 5,800 shares of Lundin Gold stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of C$40.92, for a total value of C$237,321.50. Insiders sold 133,150 shares of company stock valued at $5,499,984 in the last 90 days. 58.72% of the stock is currently owned by insiders.

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.