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

Lundin Gold Inc. (TSE:LUG)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as C$41.28 and last traded at C$40.88, with a volume of 394950 shares changing hands. The stock had previously closed at C$39.89.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LUG. Desjardins upgraded shares of Lundin Gold to a “moderate buy” rating in a report on Thursday, October 31st. CIBC lifted their target price on shares of Lundin Gold from C$34.00 to C$41.00 in a research report on Monday, December 2nd. Scotiabank increased their price target on shares of Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Cormark upgraded shares of Lundin Gold from a “market perform” rating to a “buy” rating and raised their price target for the stock from C$35.00 to C$38.00 in a report on Friday, January 10th. Finally, TD Securities upped their price objective on Lundin Gold from C$27.00 to C$38.00 in a report on Friday, October 18th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Lundin Gold has a consensus rating of “Moderate Buy” and an average price target of C$33.30.

Lundin Gold Price Performance

The company has a fifty day moving average price of C$33.75 and a two-hundred day moving average price of C$30.87. The firm has a market capitalization of C$9.81 billion, a price-to-earnings ratio of 31.69 and a beta of 1.23. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28.

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 of this dividend was Thursday, December 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.96%. Lundin Gold’s dividend payout ratio is presently 82.95%.

Insider Activity

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

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.