Lundin Gold (TSE:LUG) Sets New 1-Year High – Here’s Why

Lundin Gold Inc. (TSE:LUG)’s share price reached a new 52-week high on Monday . The company traded as high as C$60.31 and last traded at C$59.18, with a volume of 58593 shares traded. The stock had previously closed at C$58.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. TD Securities upped their price target on shares of Lundin Gold from C$46.00 to C$58.00 in a report on Tuesday, April 15th. Jefferies Financial Group raised their target price on Lundin Gold from C$36.00 to C$45.00 in a report on Friday, April 4th. Scotiabank upped their price target on Lundin Gold from C$30.00 to C$31.50 in a report on Wednesday, January 15th. Cormark upgraded shares of Lundin Gold from a “market perform” rating to a “buy” rating and raised their price objective for the stock from C$42.00 to C$54.00 in a research note on Monday, April 14th. Finally, CIBC boosted their target price on shares of Lundin Gold from C$44.00 to C$46.00 in a research report on Thursday, April 17th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Lundin Gold presently has an average rating of “Moderate Buy” and a consensus price target of C$42.20.

Lundin Gold Stock Performance

The company’s 50 day moving average price is C$43.90 and its 200 day moving average price is C$37.04. The company has a market cap of C$9.98 billion, a price-to-earnings ratio of 32.83 and a beta of 1.23.

Lundin Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th were paid a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.94%. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, March 11th. Lundin Gold’s dividend payout ratio is currently 60.06%.

Insider Activity

In other news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total value of C$413,226.00. Also, Director Ronald F. Hochstein sold 88,750 shares of the company’s stock in a transaction dated 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. Over the last 90 days, insiders sold 133,150 shares of company stock worth $5,499,984. Insiders own 58.72% of the company’s stock.

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.