Lundin Gold (TSE:LUG) Hits New 1-Year High - Time to Buy?

Key Points

• Lundin Gold Inc. shares recently reached a new 52-week high of C$101.39, with significant trading volume of over 1.1 million shares.
• Analyst ratings have been mixed, with National Bankshares downgrading its rating while other firms like CIBC and Canaccord Genuity raised their price targets for the stock.
• The company announced an increase in its quarterly dividend from $0.21 to $0.675, highlighting a strong annualized yield of 2.7% and a payout ratio of 45.28%.

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$101.39 and last traded at C$100.11, with a volume of 1149666 shares changing hands. The stock had previously closed at C$93.06.

Analyst Ratings Changes

LUG has been the topic of several research analyst reports. National Bankshares lowered Lundin Gold from an "outperform" rating to a "sector perform" rating and raised their price objective for the company from C$67.75 to C$89.00 in a research note on Tuesday, June 24th. Canaccord Genuity Group increased their target price on shares of Lundin Gold from C$60.00 to C$78.00 in a report on Thursday, October 2nd. CIBC lifted their price target on shares of Lundin Gold from C$85.00 to C$116.00 in a report on Friday, October 10th. Raymond James Financial upped their price objective on shares of Lundin Gold from C$65.00 to C$80.00 in a research report on Friday, October 10th. Finally, National Bank Financial lowered shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 23rd. Eleven research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Lundin Gold currently has a consensus rating of "Reduce" and an average price target of C$68.54.

Lundin Gold Price Performance

The company has a market capitalization of C$24.16 billion, a P/E ratio of 39.41 and a beta of 1.26. The company has a fifty day moving average price of C$86.58 and a two-hundred day moving average price of C$70.66.

Lundin Gold Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Shareholders of record on Thursday, September 25th were given a $0.675 dividend. This is an increase from Lundin Gold's previous quarterly dividend of $0.21. The ex-dividend date was Wednesday, September 10th. This represents a $2.70 annualized dividend and a yield of 2.7%. Lundin Gold's dividend payout ratio is currently 45.28%.

Insiders Place Their Bets

In other news, insider Sheila Margaret Colman sold 14,600 shares of Lundin Gold stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of C$81.49, for a total transaction of C$1,189,754.00. Following the transaction, the insider owned 37,068 shares in the company, valued at approximately C$3,020,671.32. The trade was a 28.26% decrease in their ownership of the stock. Also, insider Chester See sold 20,000 shares of the business's stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of C$83.30, for a total transaction of C$1,666,000.00. Following the completion of the sale, the insider directly owned 132,571 shares in the company, valued at approximately C$11,043,164.30. This represents a 13.11% decrease in their position. 58.72% of the stock is currently owned by insiders.

About Lundin Gold

Lundin Gold Inc is a Canada based company focused on its Fruta del Norte gold operation and developing its portfolio of mineral concessions in Ecuador. The Fruta del Norte deposit is located within a 150 km long copper-gold metallogenic sub-province located in the Cordillera del Condor region in southeastern Ecuador.

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