Lundin Gold (TSE:LUG) Hits New 52-Week High – Here’s What Happened

Lundin Gold Inc. (TSE:LUG) shares reached a new 52-week high during trading on Thursday . The company 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 Analyst Weigh In

A number of brokerages have weighed in on LUG. Desjardins raised their target price on shares of Lundin Gold from C$38.00 to C$42.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group downgraded shares of Lundin Gold from a “buy” rating to a “hold” rating and cut their price objective for the company from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Cormark downgraded shares of Lundin Gold from a “moderate buy” rating to a “hold” rating in a research note on Thursday, February 20th. CIBC raised their price target on shares of Lundin Gold from C$34.00 to C$41.00 in a research report on Monday, December 2nd. Finally, TD Securities upped their price objective on Lundin Gold from C$40.00 to C$46.00 and gave the company a “buy” rating in a research report on Thursday, February 27th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of C$35.18.

Lundin Gold Stock Performance

The stock has a 50-day moving average price of C$37.08 and a two-hundred day moving average price of C$33.24. The stock has a market capitalization of C$7.42 billion, a PE ratio of 24.40 and a beta of 1.23.

Lundin Gold Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 26th will be paid a dividend of $0.43 per share. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.96%. Lundin Gold’s payout ratio is 60.06%.

Insider Buying and Selling at Lundin Gold

In related news, Director Ronald F. Hochstein sold 88,750 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were 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 business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total transaction of C$413,226.00. Insiders have sold a total of 144,685 shares of company stock valued at $5,854,985 over the last ninety days. 58.72% of the stock is currently 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.