Lundin Gold (TSE:LUG) Hits New 12-Month High on Analyst Upgrade

Lundin Gold Inc. (TSE:LUG - Get Free Report)'s stock price hit a new 52-week high on Tuesday after CIBC raised their price target on the stock from C$44.00 to C$46.00. The stock traded as high as C$52.58 and last traded at C$51.86, with a volume of 643868 shares trading hands. The stock had previously closed at C$48.85.

Other equities analysts have also recently issued reports about the company. Cibc World Mkts cut Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 20th. Cormark upgraded shares of Lundin Gold from a "market perform" rating to a "buy" rating and boosted their price objective for the stock from C$42.00 to C$54.00 in a research report on Monday, April 14th. Royal Bank of Canada raised their target price on shares of Lundin Gold from C$37.00 to C$42.00 in a report on Friday, April 4th. Desjardins upped their price target on shares of Lundin Gold from C$38.00 to C$42.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, Raymond James raised their price objective on shares of Lundin Gold from C$32.00 to C$43.00 in a research note on Friday, April 4th. Seven equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Lundin Gold has an average rating of "Moderate Buy" and a consensus target price of C$42.20.

Insiders Place Their Bets

In other news, Director Ian Gibbs sold 14,200 shares of the company's stock in a transaction on Friday, March 7th. The stock was sold at an average price of C$41.40, for a total transaction of C$587,880.00. Also, Senior Officer Chester See sold 5,800 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of C$40.92, for a total value of C$237,321.50. In the last ninety days, insiders have sold 133,150 shares of company stock valued at $5,499,984. Insiders own 58.72% of the company's stock.

Lundin Gold Stock Up 2.1 %

The company has a 50 day simple moving average of C$43.49 and a 200 day simple moving average of C$36.84. The company has a market capitalization of C$9.92 billion, a price-to-earnings ratio of 32.62 and a beta of 1.23.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Wednesday, March 26th were given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date was Tuesday, March 11th. This is an increase from Lundin Gold's previous quarterly dividend of $0.20. Lundin Gold's dividend payout ratio is 60.06%.

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.