Lundin Gold Inc. (TSE:LUG) Increases Dividend to $0.55 Per Share

Lundin Gold Inc. (TSE:LUG) announced a quarterly dividend on Tuesday, September 10th, Zacks reports. Investors of record on Wednesday, September 25th will be paid a dividend of 0.551 per share on Wednesday, September 25th. This represents a $2.20 dividend on an annualized basis and a yield of 8.52%. The ex-dividend date is Tuesday, September 10th. This is a boost from Lundin Gold’s previous quarterly dividend of $0.10.

Lundin Gold Trading Down 3.9 %

LUG opened at C$25.86 on Friday. 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 has a fifty-two week low of C$14.23 and a fifty-two week high of C$28.26. The company’s 50 day moving average price is C$24.14 and its two-hundred day moving average price is C$20.68. The firm has a market capitalization of C$6.20 billion, a price-to-earnings ratio of 20.36 and a beta of 1.23.

Lundin Gold (TSE:LUG) last issued its quarterly earnings data on Thursday, August 8th. The company reported C$0.55 earnings per share for the quarter, missing the consensus estimate of C$0.62 by C($0.07). The business had revenue of C$412.43 million during the quarter. Lundin Gold had a return on equity of 22.88% and a net margin of 24.30%. As a group, research analysts predict that Lundin Gold will post 2.5546059 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LUG. Raymond James raised their price objective on Lundin Gold from C$21.00 to C$25.00 in a research report on Wednesday, July 31st. CIBC raised their price target on shares of Lundin Gold from C$25.00 to C$28.00 and gave the stock an “outperform” rating in a report on Wednesday. TD Securities upped their price objective on shares of Lundin Gold from C$24.00 to C$27.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Canaccord Genuity Group lifted their target price on shares of Lundin Gold from C$27.50 to C$28.50 in a research note on Tuesday, August 20th. Finally, Scotiabank boosted their target price on shares of Lundin Gold from C$23.50 to C$25.50 in a report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of C$26.27.

Insiders Place Their Bets

In related news, Senior Officer Chester See sold 30,100 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of C$20.27, for a total value of C$610,253.42. Corporate insiders own 58.79% of the company’s stock.

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.