Lundin Gold (TSE:LUG) Sets New 1-Year High on Analyst Upgrade

Key Points

• Lundin Gold Inc. reached a new 52-week high with a share price of C$99.18 after BMO Capital Markets raised their price target to C$104.00.
• The company recently declared a quarterly dividend of $0.675 per share, significantly increasing from the previous $0.21, reflecting a 2.9% yield.
• Insider selling occurred with significant sales by two executives, with one reducing their holdings by 14,600 shares and the other by 20,000 shares.

Lundin Gold Inc. (TSE:LUG - Get Free Report)'s share price hit a new 52-week high on Thursday after BMO Capital Markets raised their price target on the stock from C$93.00 to C$104.00. The stock traded as high as C$99.18 and last traded at C$98.09, with a volume of 52298 shares trading hands. The stock had previously closed at C$97.17.

Several other research firms have also weighed in on LUG. National Bank Financial lowered Lundin Gold from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 23rd. Canaccord Genuity Group upped their price target on Lundin Gold from C$60.00 to C$78.00 in a research report on Thursday, October 2nd. TD Securities lowered Lundin Gold from a "strong-buy" rating to a "hold" rating and upped their price target for the company from C$65.00 to C$73.00 in a research report on Wednesday, July 16th. National Bankshares lowered Lundin Gold from an "outperform" rating to a "sector perform" rating and upped their price target for the company from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. Finally, Desjardins lowered Lundin Gold from a "moderate buy" rating to a "hold" rating and upped their price target for the company from C$62.00 to C$70.00 in a research report on Thursday, July 17th. Eleven research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Reduce" and an average price target of C$64.50.

Insider Activity

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

Lundin Gold Stock Performance

The company has a market cap of C$22.77 billion, a P/E ratio of 37.15 and a beta of 1.26. The firm has a 50 day moving average price of C$84.23 and a 200-day moving average price of C$69.04.

Lundin Gold Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Thursday, September 25th were paid a dividend of $0.675 per share. This is a boost 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 dividend yield of 2.9%. Lundin Gold's dividend payout ratio is currently 45.28%.

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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