Lundin Gold (TSE:LUG) Shares Down 12.5% – Time to Sell?

Lundin Gold Inc. (TSE:LUG) fell 12.5% during trading on Monday . The stock traded as low as C$58.62 and last traded at C$59.30. 292,039 shares were traded during mid-day trading, a decline of 40% from the average session volume of 483,119 shares. The stock had previously closed at C$67.79.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Cibc World Mkts cut Lundin Gold from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 20th. Jefferies Financial Group increased their price objective on Lundin Gold from C$36.00 to C$45.00 in a research report on Friday, April 4th. Cormark cut Lundin Gold from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Royal Bank of Canada increased their price objective on Lundin Gold from C$37.00 to C$42.00 in a research report on Friday, April 4th. Finally, CIBC boosted their price objective on Lundin Gold from C$44.00 to C$46.00 in a research report on Thursday, April 17th. Eight analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of C$44.00.

Lundin Gold Stock Down 16.6%

The stock has a market capitalization of C$9.65 billion, a P/E ratio of 31.72 and a beta of 1.23. The business has a 50-day simple moving average of C$49.23 and a two-hundred day simple moving average of C$39.49.

Lundin Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th were paid a $0.43 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.72 dividend on an annualized basis and a yield of 3.04%. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.20. Lundin Gold’s payout ratio is currently 60.06%.

Insiders Place Their Bets

In other news, Director Ronald F. Hochstein sold 88,750 shares of the company’s stock in a transaction on 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. Also, Senior Officer Sheila Margaret Colman sold 9,900 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of C$41.74, for a total value of C$413,226.00. Over the last quarter, insiders have sold 133,150 shares of company stock valued at $5,499,984. 58.72% of the stock is currently owned by corporate insiders.

Lundin Gold Company Profile

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.