Lundin Gold (TSE:LUG) Sets New 1-Year High – Here’s Why

Lundin Gold Inc. (TSE:LUG) reached a new 52-week high on Wednesday . The stock traded as high as C$38.00 and last traded at C$37.64, with a volume of 288777 shares. The stock had previously closed at C$36.75.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LUG shares. Cormark upgraded shares of Lundin Gold from a “market perform” rating to a “buy” rating and lifted their target price for the company from C$35.00 to C$38.00 in a research note on Friday, January 10th. Scotiabank boosted their price objective on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Desjardins upgraded Lundin Gold to a “moderate buy” rating in a report on Thursday, October 31st. BMO Capital Markets cut Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Finally, CIBC increased their price objective on shares of Lundin Gold from C$34.00 to C$41.00 in a report on Monday, December 2nd. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Lundin Gold has an average rating of “Moderate Buy” and a consensus target price of C$33.30.

Lundin Gold Stock Performance

The firm has a fifty day moving average of C$33.16 and a 200-day moving average of C$30.39. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28. The firm has a market cap of C$9.03 billion, a P/E ratio of 29.18 and a beta of 1.23.

Lundin Gold (TSE:LUG) last released its earnings results on Thursday, November 7th. The company reported C$0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.60 by C$0.16. Lundin Gold had a net margin of 24.30% and a return on equity of 22.88%. The company had revenue of C$440.77 million for the quarter. Research analysts predict that Lundin Gold Inc. will post 2.5603448 earnings per share for the current fiscal year.

Lundin Gold Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 20th were paid a $0.20 dividend. The ex-dividend date was Thursday, December 5th. This represents a $0.80 dividend on an annualized basis and a yield of 2.13%. Lundin Gold’s payout ratio is presently 82.95%.

Insiders Place Their Bets

In other Lundin Gold news, Director Pablo Mir sold 11,535 shares of the stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of C$30.78, for a total value of C$355,001.16. Company insiders own 58.72% of the company’s stock.

About Lundin Gold

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.