Lundin Gold (TSE:LUG) Shares Pass Above 50 Day Moving Average – Here’s Why

Lundin Gold Inc. (TSE:LUG) shares crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$39.85 and traded as high as C$44.69. Lundin Gold shares last traded at C$44.56, with a volume of 345,425 shares changing hands.

Analyst Ratings Changes

Several equities analysts have recently commented on LUG shares. Cibc World Mkts downgraded shares of Lundin Gold from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 20th. Desjardins raised their price objective on Lundin Gold from C$38.00 to C$42.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and decreased their target price for the stock from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Royal Bank of Canada raised their price target on Lundin Gold from C$31.00 to C$35.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Finally, Cormark cut Lundin Gold from a “moderate buy” rating to a “hold” rating in a report on Thursday, February 20th. Eight investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of C$35.45.

Lundin Gold Stock Down 0.9 %

The company’s 50 day simple moving average is C$40.22 and its 200-day simple moving average is C$34.98. The firm has a market cap of C$7.53 billion, a P/E ratio of 24.77 and a beta of 1.23.

Lundin Gold Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th were issued a $0.43 dividend. The ex-dividend date of this dividend was Tuesday, March 11th. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.90%. Lundin Gold’s dividend payout ratio is presently 60.06%.

Insider Buying and Selling at Lundin Gold

In related news, Director Ronald F. Hochstein sold 88,750 shares of Lundin Gold stock in a transaction that occurred 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, Director Pablo Mir sold 11,535 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of C$30.78, for a total value of C$355,001.16. Insiders sold a total of 144,685 shares of company stock valued at $5,854,985 in the last three months. 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.