Lundin Gold (TSE:LUG) Reaches New 12-Month High After Analyst Upgrade

Lundin Gold Inc. (TSE:LUG) shares reached a new 52-week high on Tuesday after Royal Bank of Canada raised their price target on the stock from C$31.00 to C$35.00. Royal Bank of Canada currently has a sector perform rating on the stock. Lundin Gold traded as high as C$41.28 and last traded at C$40.88, with a volume of 394950 shares traded. The stock had previously closed at C$39.89.

Several other research firms have also weighed in on LUG. CIBC lifted their target price on Lundin Gold from C$34.00 to C$41.00 in a report on Monday, December 2nd. Scotiabank increased their target price on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Cormark raised shares of Lundin Gold from a “market perform” rating to a “buy” rating and lifted their price target for the company from C$35.00 to C$38.00 in a research note on Friday, January 10th. BMO Capital Markets cut shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a research report on Tuesday, December 10th. Finally, Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and decreased their price objective for the stock from C$37.00 to C$36.00 in a report on Wednesday, December 11th. Six investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$33.70.

Insider Buying and Selling

In other news, Director Pablo Mir sold 11,535 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of C$30.78, for a total value of C$355,001.16. 58.72% of the stock is currently owned by corporate insiders.

Lundin Gold Trading Down 2.1 %

The company has a debt-to-equity ratio of 14.28, a quick ratio of 1.41 and a current ratio of 1.98. The stock has a market capitalization of C$9.21 billion, a price-to-earnings ratio of 29.74 and a beta of 1.23. The business has a fifty day simple moving average of C$33.92 and a 200 day simple moving average of C$31.10.

Lundin Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 20th were issued a dividend of $0.20 per share. The ex-dividend date was Thursday, December 5th. This represents a $0.80 annualized dividend and a dividend yield of 2.09%. Lundin Gold’s dividend payout ratio is presently 82.95%.

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.