Lundin Gold (TSE:LUG) Hits New 52-Week High - Time to Buy?

Key Points

• Lundin Gold Inc. (TSE:LUG) shares reached a new 52-week high of C$87.02 amid trading, with the last trading price at C$85.49.
• The company recently increased its quarterly dividend to $0.675 per share, up from $0.21, representing a yield of 3.1%.
• Equities analysts have mixed ratings on Lundin Gold, with recommendations ranging from "strong sell" to "hold", and an average price target of C$58.95.

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$87.02 and last traded at C$85.49, with a volume of 201676 shares trading hands. The stock had previously closed at C$84.45.

Analysts Set New Price Targets

Several equities analysts have issued reports on LUG shares. TD Securities cut shares of Lundin Gold from a "strong-buy" rating to a "hold" rating and upped their target price for the company from C$65.00 to C$73.00 in a research note on Wednesday, July 16th. National Bankshares cut shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and upped their target price for the company from C$67.75 to C$89.00 in a research note on Tuesday, June 24th. Royal Bank Of Canada increased their price objective on shares of Lundin Gold from C$50.00 to C$54.00 in a research note on Wednesday, June 4th. Veritas cut shares of Lundin Gold from a "strong-buy" rating to a "strong sell" rating in a research note on Monday, June 9th. Finally, National Bank Financial cut shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 23rd. Twelve analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce" and an average price target of C$58.95.

Lundin Gold Stock Performance

The business's fifty day simple moving average is C$72.45 and its 200-day simple moving average is C$60.16. The firm has a market capitalization of C$21.00 billion, a PE ratio of 34.26 and a beta of 0.97.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Shareholders of record on Thursday, September 25th will be issued a dividend of $0.675 per share. This is an increase from Lundin Gold's previous quarterly dividend of $0.21. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $2.70 dividend on an annualized basis and a yield of 3.1%. Lundin Gold's payout ratio is 45.28%.

Insider Buying and Selling

In other Lundin Gold news, Senior Officer Sheila Margaret Colman sold 1,400 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of C$75.05, for a total transaction of C$105,070.00. Also, Director Pablo Mir sold 15,000 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of C$66.44, for a total transaction of C$996,550.50. Company insiders own 58.72% of the company's stock.

Lundin Gold Company Profile

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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