Lundin Gold (TSE:LUG) Hits New 52-Week High – Still a Buy?

Lundin Gold Inc. (TSE:LUG) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$43.79 and last traded at C$43.79, with a volume of 269850 shares trading hands. The stock had previously closed at C$42.14.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LUG. BMO Capital Markets downgraded Lundin Gold from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 10th. Royal Bank of Canada lifted their target price on Lundin Gold from C$31.00 to C$35.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 11th. Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and decreased their target price for the company from C$37.00 to C$36.00 in a research note on Wednesday, December 11th. Desjardins lifted their price objective on 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. Finally, TD Securities lifted their price objective on Lundin Gold from C$40.00 to C$46.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Seven investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Lundin Gold has an average rating of “Moderate Buy” and an average target price of C$35.18.

Lundin Gold Trading Up 1.8 %

The stock has a market cap of C$7.56 billion, a P/E ratio of 24.85 and a beta of 1.23. The company has a 50-day moving average price of C$37.32 and a two-hundred day moving average price of C$33.32.

Lundin Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 26th will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.72 dividend on an annualized basis and a yield of 3.89%. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. Lundin Gold’s payout ratio is presently 60.06%.

Insider Activity at Lundin Gold

In other Lundin Gold news, Director Ian Gibbs sold 14,200 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of C$41.40, for a total value of C$587,880.00. Also, Senior Officer Sheila Margaret Colman sold 9,900 shares of the company’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. Insiders sold a total of 144,685 shares of company stock worth $5,854,985 in the last quarter. 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.