Lundin Mining (TSE:LUN) Shares Down 8.9% on Analyst Downgrade

Shares of Lundin Mining Co. (TSE:LUN) were down 8.9% during trading on Thursday after Morgan Stanley lowered their price target on the stock from C$14.80 to C$12.00. The company traded as low as C$9.34 and last traded at C$9.47. Approximately 1,569,415 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 2,711,976 shares. The stock had previously closed at C$10.40.

Several other equities research analysts have also weighed in on LUN. Raymond James lowered their price objective on Lundin Mining from C$15.00 to C$14.00 and set a “market perform” rating on the stock in a research note on Thursday, January 16th. National Bankshares lifted their target price on shares of Lundin Mining from C$17.00 to C$17.50 and gave the stock an “outperform” rating in a report on Wednesday, April 2nd. Jefferies Financial Group dropped their price target on Lundin Mining from C$20.00 to C$16.00 in a research note on Monday, January 6th. Desjardins upgraded shares of Lundin Mining to a “moderate buy” rating in a report on Thursday, April 3rd. Finally, The Goldman Sachs Group set a C$16.60 price target on Lundin Mining and gave the stock a “buy” rating in a research report on Thursday, March 6th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Lundin Mining has a consensus rating of “Moderate Buy” and an average target price of C$16.46.

Insider Buying and Selling

In related news, Director Adam Ian Lundin bought 150,000 shares of the business’s stock in a transaction on Thursday, April 3rd. The shares were purchased at an average price of C$10.82 per share, for a total transaction of C$1,623,000.00. Also, insider Nemesia S.a.r.l. purchased 2,000,000 shares of the stock in a transaction dated Thursday, April 3rd. The shares were bought at an average price of C$11.35 per share, with a total value of C$22,700,000.00. 15.70% of the stock is owned by corporate insiders.

Lundin Mining Stock Down 8.9 %

The stock has a 50 day moving average price of C$11.90 and a 200 day moving average price of C$12.84. The company has a quick ratio of 0.90, a current ratio of 1.40 and a debt-to-equity ratio of 41.58. The stock has a market capitalization of C$5.79 billion, a price-to-earnings ratio of 18.79, a price-to-earnings-growth ratio of -0.26 and a beta of 1.66.

About Lundin Mining

Lundin Mining Corp is a diversified Canadian base metals mining company with operations in Brazil Chile Portugal Sweden and the United States of America producing copper zinc gold and nickel. Its material mineral properties include Candelaria Chapada Eagle and Neves-Corvo.