Lundin Gold (TSE:LUG) Hits New 52-Week High - Here's What Happened

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as C$75.19 and last traded at C$74.74, with a volume of 168326 shares trading hands. The stock had previously closed at C$72.73.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on LUG. National Bankshares lifted their target price on Lundin Gold from C$66.50 to C$67.75 and gave the stock an "outperform" rating in a research report on Thursday, May 22nd. Veritas downgraded shares of Lundin Gold from a "strong-buy" rating to a "strong sell" rating in a report on Monday, June 9th. Jefferies Financial Group boosted their target price on shares of Lundin Gold from C$36.00 to C$45.00 in a research note on Friday, April 4th. Raymond James Financial raised their price target on shares of Lundin Gold from C$32.00 to C$43.00 in a research report on Friday, April 4th. Finally, BMO Capital Markets lifted their price target on shares of Lundin Gold from C$45.00 to C$62.00 in a report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of C$48.98.

Lundin Gold Stock Up 0.9%

The business has a 50-day simple moving average of C$62.52 and a two-hundred day simple moving average of C$46.46. The stock has a market capitalization of C$12.53 billion, a price-to-earnings ratio of 41.20 and a beta of 1.23.

Lundin Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Wednesday, June 25th will be paid a dividend of $0.2075 per share. This represents a $0.83 annualized dividend and a yield of 1.13%. The ex-dividend date is Tuesday, June 10th. Lundin Gold's dividend payout ratio is presently 60.06%.

Insider Buying and Selling at Lundin Gold

In other Lundin Gold news, Director Pablo Mir sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of C$66.44, for a total transaction of C$996,550.50. Also, Senior Officer Terrence Smith sold 40,656 shares of the company's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of C$64.06, for a total transaction of C$2,604,423.36. Over the last 90 days, insiders have sold 63,656 shares of company stock valued at $4,060,974. Corporate insiders own 58.72% of the company's stock.

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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