Dundee Precious Metals (TSE:DPM) Sets New 52-Week High Following Dividend Announcement

Key Points

• Dundee Precious Metals shares reached a new 12-month high at C$24.56 following the announcement of a dividend payment of $0.04, set for October 15th.
• The company has seen strong support from analysts, with several firms raising their target prices to as high as C$25.00.
• Dundee Precious Metals' market capitalization is approximately C$2.98 billion, reflecting its robust performance in the precious metals sector.

Dundee Precious Metals Inc. (TSE:DPM - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as C$24.56 and last traded at C$24.11, with a volume of 131507 shares changing hands. The stock had previously closed at C$22.40.

The newly announced dividend which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 0.7%. Dundee Precious Metals's dividend payout ratio is presently 13.86%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. TD Securities upped their price objective on shares of Dundee Precious Metals from C$23.00 to C$25.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Canaccord Genuity Group upped their price objective on shares of Dundee Precious Metals from C$23.00 to C$25.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. CIBC boosted their target price on shares of Dundee Precious Metals from C$23.00 to C$25.00 in a report on Monday, June 16th. Scotiabank boosted their target price on shares of Dundee Precious Metals from C$21.00 to C$23.00 in a report on Monday, June 16th. Finally, Stifel Nicolaus boosted their target price on shares of Dundee Precious Metals from C$19.50 to C$23.75 in a report on Monday, April 21st.

Dundee Precious Metals Stock Performance

The firm's 50 day moving average is C$21.86 and its two-hundred day moving average is C$19.07. The stock has a market capitalization of C$2.92 billion, a PE ratio of 14.88, a P/E/G ratio of 0.04 and a beta of 1.20.

About Dundee Precious Metals

Dundee Precious Metals Inc, a gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals. The company primarily explores for gold, copper, and silver deposits. It holds a portfolio of projects located in Bulgaria, Namibia, Serbia, and Ecuador.