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

Lundin Gold Inc. (TSE:LUG)’s share price reached 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 company traded as high as C$52.58 and last traded at C$51.86, with a volume of 643868 shares trading hands. The stock had previously closed at C$48.85.

A number of other research analysts have also recently issued reports on LUG. Cormark upgraded shares of Lundin Gold from a “market perform” rating to a “buy” rating and lifted their price objective for the company from C$42.00 to C$54.00 in a report on Monday. Raymond James lifted their price target on Lundin Gold from C$32.00 to C$43.00 in a research note on Friday, April 4th. Jefferies Financial Group increased their price objective on Lundin Gold from C$36.00 to C$45.00 in a research note on Friday, April 4th. Cibc World Mkts cut Lundin Gold from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Finally, Royal Bank of Canada upped their price target on Lundin Gold from C$37.00 to C$42.00 in a 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 company. According to data from MarketBeat.com, Lundin Gold currently has a consensus rating of “Moderate Buy” and a consensus target price of C$42.00.

Insider Activity at Lundin Gold

In other Lundin Gold news, Director Ian Gibbs sold 14,200 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of C$41.40, for a total transaction of C$587,880.00. Also, Director Ronald F. Hochstein sold 88,750 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.42, for a total value of C$3,675,732.13. Over the last 90 days, insiders sold 133,150 shares of company stock worth $5,499,984. 58.72% of the stock is owned by company insiders.

Lundin Gold Price Performance

The firm has a market capitalization of C$9.71 billion, a PE ratio of 31.94 and a beta of 1.23. The company’s fifty day simple moving average is C$42.43 and its 200 day simple moving average is C$36.25.

Lundin Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 26th were issued a $0.43 dividend. The ex-dividend date was Tuesday, March 11th. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. This represents a $1.72 annualized dividend and a yield of 3.02%. Lundin Gold’s dividend payout ratio (DPR) is 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.