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

Lundin Gold Inc. (TSE:LUG) shares hit a new 52-week high during trading on Monday after Canaccord Genuity Group raised their price target on the stock from C$27.50 to C$28.50. The company traded as high as C$26.27 and last traded at C$26.20, with a volume of 12585 shares traded. The stock had previously closed at C$25.97.

Several other research firms have also commented on LUG. Raymond James upped their price target on shares of Lundin Gold from C$21.00 to C$25.00 in a research report on Wednesday, July 31st. National Bank Financial upgraded shares of Lundin Gold from a “hold” rating to a “strong-buy” rating in a research report on Sunday, July 7th. Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a research note on Friday, May 10th. Cormark raised their target price on Lundin Gold from C$26.00 to C$27.00 in a research report on Friday, August 9th. Finally, CIBC upped their price objective on shares of Lundin Gold from C$22.00 to C$25.00 in a report on Wednesday, July 10th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of C$26.00.

Insider Activity

In related news, Senior Officer Chester See sold 30,100 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of C$20.27, for a total value of C$610,253.42. Insiders own 58.83% of the company’s stock.

Lundin Gold Stock Up 1.7 %

The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 33.65. The company has a market capitalization of C$6.60 billion, a price-to-earnings ratio of 21.36 and a beta of 1.14. The business has a 50-day moving average price of C$22.23 and a 200-day moving average price of C$19.66.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Tuesday, September 10th will be issued a dividend of $0.551 per share. This represents a $2.20 annualized dividend and a yield of 8.00%. The ex-dividend date is Tuesday, September 10th. This is an increase from Lundin Gold’s previous quarterly dividend of $0.10. Lundin Gold’s payout ratio is presently 85.27%.

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.