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

Lundin Gold Inc. (TSE:LUG) shares reached a new 52-week high during mid-day trading on Thursday after Canaccord Genuity Group raised their price target on the stock from C$103.00 to C$108.00. The stock traded as high as C$117.09 and last traded at C$116.16, with a volume of 46152 shares traded. The stock had previously closed at C$114.72.

Several other research firms have also recently issued reports on LUG. Jefferies Financial Group upped their price objective on Lundin Gold from C$82.00 to C$97.00 in a research report on Friday, October 17th. Raymond James Financial increased their price objective on Lundin Gold from C$65.00 to C$80.00 in a report on Friday, October 10th. CIBC upped their price target on shares of Lundin Gold from C$85.00 to C$116.00 in a research note on Friday, October 10th. JPMorgan Chase & Co. lifted their target price on shares of Lundin Gold from C$16.00 to C$28.00 in a research report on Friday, October 10th. Finally, TD Securities cut Lundin Gold from a “strong-buy” rating to a “hold” rating and upped their price target for the company from C$65.00 to C$73.00 in a research note on Wednesday, July 16th. Ten analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Lundin Gold has a consensus rating of “Reduce” and a consensus target price of C$75.71.

Insider Transactions at Lundin Gold

In related news, insider Sheila Margaret Colman sold 14,600 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of C$81.49, for a total transaction of C$1,189,754.00. Following the sale, the insider directly owned 37,068 shares in the company, valued at approximately C$3,020,671.32. This trade represents a 28.26% decrease in their position. Also, insider Chester See sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of C$83.30, for a total transaction of C$1,666,000.00. Following the transaction, the insider directly owned 132,571 shares in the company, valued at approximately C$11,043,164.30. The trade was a 13.11% decrease in their position. 58.72% of the stock is owned by insiders.

Lundin Gold Stock Performance

The firm has a market cap of C$28.04 billion, a price-to-earnings ratio of 41.05 and a beta of 1.35. The stock has a 50-day moving average of C$95.10 and a 200-day moving average of C$78.23.

Lundin Gold (TSE:LUG) last released its quarterly earnings results on Friday, November 7th. The company reported C$0.86 EPS for the quarter. Lundin Gold had a net margin of 29.56% and a return on equity of 29.88%. The business had revenue of C$622.58 million for the quarter. Sell-side analysts predict that Lundin Gold Inc. will post 2.5603448 EPS for the current fiscal year.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Thursday, September 25th were issued a dividend of $0.675 per share. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Wednesday, September 10th. This represents a $2.70 dividend on an annualized basis and a yield of 2.3%. Lundin Gold’s payout ratio is currently 61.48%.

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.