Lundin Gold (TSE:LUG) Reaches New 12-Month High - What's Next?

Key Points

• Lundin Gold shares reached a new 52-week high of C$116.20, with the latest trading price at C$115.15 after a significant trading volume of 1,498,307 shares.
• The company announced an increase in its quarterly dividend from $0.21 to $0.675 per share, representing an annualized yield of 2.3%.
• Analysts are mixed, with multiple downgrades resulting in an average rating of "Reduce" and a consensus price target of C$72.88.

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The company traded as high as C$116.20 and last traded at C$115.15, with a volume of 1498307 shares trading hands. The stock had previously closed at C$107.00.

Wall Street Analyst Weigh In

Several research firms recently weighed in on LUG. TD Securities downgraded shares of Lundin Gold from a "strong-buy" rating to a "hold" rating and upped their price objective for the stock from C$65.00 to C$73.00 in a report on Wednesday, July 16th. National Bankshares downgraded shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and boosted their price target for the stock from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. National Bank Financial cut shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Monday, June 23rd. Raymond James Financial raised their price objective on shares of Lundin Gold from C$65.00 to C$80.00 in a research note on Friday, October 10th. Finally, JPMorgan Chase & Co. upped their target price on Lundin Gold from C$16.00 to C$28.00 in a research report on Friday, October 10th. Eleven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Reduce" and a consensus price target of C$72.88.

Lundin Gold Stock Up 7.6%

The stock has a market cap of C$27.79 billion, a price-to-earnings ratio of 45.33 and a beta of 1.26. The company's 50-day simple moving average is C$89.17 and its 200-day simple moving average is C$72.64.

Lundin Gold Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Thursday, September 25th were given a dividend of $0.675 per share. This represents a $2.70 dividend on an annualized basis and a dividend yield of 2.3%. This is a boost from Lundin Gold's previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Wednesday, September 10th. Lundin Gold's payout ratio is presently 45.28%.

Insider Buying and Selling at Lundin Gold

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