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

Lundin Gold Inc. (TSE:LUG)’s stock price hit a new 52-week high during mid-day trading on Tuesday after TD Securities raised their price target on the stock from C$46.00 to C$58.00. The stock traded as high as C$52.58 and last traded at C$51.86, with a volume of 643868 shares. The stock had previously closed at C$48.85.

Several other analysts have also commented on the stock. Jefferies Financial Group increased their price target on shares of Lundin Gold from C$36.00 to C$45.00 in a research report on Friday, April 4th. 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. Desjardins increased their price target 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. Scotiabank boosted their price target on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Finally, Raymond James boosted their target price on shares of Lundin Gold from C$32.00 to C$43.00 in a research report on Friday, April 4th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$42.00.

Insider Buying and Selling at Lundin Gold

In other news, Senior Officer Sheila Margaret Colman sold 9,900 shares of Lundin Gold stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of C$41.74, for a total transaction of C$413,226.00. Also, Director Ronald F. Hochstein sold 88,750 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.42, for a total transaction of C$3,675,732.13. In the last quarter, insiders sold 133,150 shares of company stock worth $5,499,984. Insiders own 58.72% of the company’s stock.

Lundin Gold Stock Performance

The stock has a market cap of C$9.71 billion, a PE ratio of 31.94 and a beta of 1.23. The company has a 50 day moving average of C$42.43 and a two-hundred day moving average of C$36.25.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 3.02%. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, March 11th. Lundin Gold’s dividend payout ratio is presently 60.06%.

About Lundin Gold

Lundin Gold Inc is a Canada based company focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. The Fruta del Norte deposit is located within a 150 km long copper-gold metallogenic sub-province located in the Cordillera del Condor region in southeastern Ecuador.