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

Shares of Lundin Gold Inc. (TSE:LUG) hit a new 52-week high on Friday . The stock traded as high as C$42.23 and last traded at C$41.99, with a volume of 48113 shares. The stock had previously closed at C$40.98.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on LUG shares. Cormark cut shares of Lundin Gold from a “moderate buy” rating to a “hold” rating in a report on Thursday, February 20th. Desjardins boosted their price objective on shares of Lundin Gold from C$38.00 to C$42.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. TD Securities lifted their target price on shares of Lundin Gold from C$40.00 to C$46.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Royal Bank of Canada upped their price target on Lundin Gold from C$31.00 to C$35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. Finally, Scotiabank lifted their price objective on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$35.18.

Lundin Gold Trading Up 0.1 %

The firm has a 50 day moving average price of C$36.19 and a 200 day moving average price of C$32.80. The stock has a market capitalization of C$7.00 billion, a PE ratio of 23.03 and a beta of 1.23.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.72 annualized dividend and a dividend yield of 4.19%. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. Lundin Gold’s dividend payout ratio (DPR) is 60.06%.

Insider Activity at Lundin Gold

In related news, Director Pablo Mir sold 11,535 shares of the company’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of C$30.78, for a total value of C$355,001.16. Also, Senior Officer Sheila Margaret Colman sold 9,900 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of C$41.74, for a total value of C$413,226.00. In the last ninety days, insiders sold 115,985 shares of company stock worth $4,681,281. 58.72% of the stock is owned by company insiders.

Lundin Gold Company Profile

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.