Lundin Gold (TSE:LUG) Reaches New 1-Year High After Analyst Upgrade

Shares of Lundin Gold Inc. (TSE:LUG) hit a new 52-week high on Thursday after Canaccord Genuity Group raised their price target on the stock from C$103.00 to C$108.00. The stock traded as high as C$117.09 and last traded at C$116.16, with a volume of 46152 shares. The stock had previously closed at C$114.72.

Several other research firms have also recently weighed in on LUG. Jefferies Financial Group upped their target price on Lundin Gold from C$82.00 to C$97.00 in a research note on Friday, October 17th. CIBC increased their price target on Lundin Gold from C$85.00 to C$116.00 in a research report on Friday, October 10th. Raymond James Financial increased their target price on shares of Lundin Gold from C$65.00 to C$80.00 in a research report on Friday, October 10th. TD Securities lowered Lundin Gold from a “strong-buy” rating to a “hold” rating and increased their price objective for the company from C$65.00 to C$73.00 in a research report on Wednesday, July 16th. Finally, Desjardins cut shares of Lundin Gold from a “moderate buy” rating to a “hold” rating and lifted their price target for the company from C$62.00 to C$70.00 in a research report on Thursday, July 17th. Ten equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Lundin Gold has an average rating of “Reduce” and an average price target of C$75.71.

Insider Buying and Selling

In other Lundin Gold news, insider Sheila Margaret Colman sold 14,600 shares of Lundin Gold stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of C$81.49, for a total transaction of C$1,189,754.00. Following the completion of the transaction, the insider owned 37,068 shares in the company, valued at approximately C$3,020,671.32. This trade represents a 28.26% decrease in their position. Also, insider Chester See sold 20,000 shares of Lundin Gold stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of C$83.30, for a total transaction of C$1,666,000.00. Following the completion of the sale, the insider owned 132,571 shares in the company, valued at approximately C$11,043,164.30. This trade represents a 13.11% decrease in their position. 58.72% of the stock is owned by corporate insiders.

Lundin Gold Stock Up 1.3%

The company’s fifty day moving average is C$95.10 and its 200 day moving average is C$78.23. The stock has a market cap of C$28.04 billion, a PE ratio of 41.05 and a beta of 1.35.

Lundin Gold (TSE:LUG) last announced its quarterly earnings data on Friday, November 7th. The company reported C$0.86 earnings per share (EPS) for the quarter. Lundin Gold had a net margin of 29.56% and a return on equity of 29.88%. The company had revenue of C$622.58 million for the quarter. Equities analysts expect that Lundin Gold Inc. will post 2.5603448 EPS for the current year.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Investors of record on Thursday, September 25th were issued a $0.675 dividend. The ex-dividend date was Wednesday, September 10th. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Lundin Gold’s previous quarterly dividend of $0.21. Lundin Gold’s dividend payout ratio (DPR) is currently 61.48%.

About Lundin Gold

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.