Lundin Gold (TSE:LUG) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Lundin Gold Inc. (TSE:LUG) shares crossed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of C$32.39 and traded as low as C$30.04. Lundin Gold shares last traded at C$30.66, with a volume of 234,897 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Scotiabank cut their price objective on shares of Lundin Gold from C$31.50 to C$30.00 in a research report on Tuesday, December 10th. Desjardins raised Lundin Gold to a “moderate buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group lowered Lundin Gold from a “buy” rating to a “hold” rating and lowered their price target for the company from C$37.00 to C$36.00 in a report on Wednesday, December 11th. BMO Capital Markets downgraded shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Finally, Royal Bank of Canada raised their target price on shares of Lundin Gold from C$27.00 to C$31.00 in a research note on Friday, December 6th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Lundin Gold currently has a consensus rating of “Moderate Buy” and an average price target of C$32.55.

Lundin Gold Price Performance

The company has a fifty day simple moving average of C$32.31 and a 200-day simple moving average of C$28.20. The company has a market cap of C$7.66 billion, a P/E ratio of 24.74 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.

Lundin Gold (TSE:LUG) last announced its earnings results on Thursday, November 7th. The company reported C$0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.60 by C$0.16. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%. The company had revenue of C$440.77 million for the quarter. On average, sell-side analysts predict that Lundin Gold Inc. will post 2.5603448 earnings per share for the current year.

Lundin Gold Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 20th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, December 5th. Lundin Gold’s dividend payout ratio 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.