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

Key Points

• Lundin Gold shares reached a new 52-week high of C$97.67 during trading, indicating strong market performance with a closing price of C$96.21.
• The company has increased its quarterly dividend to $0.675, up from $0.21, reflecting a positive move for investors with an annual yield of 2.8%.
• Analysts have shown mixed ratings on the stock, with a majority giving it a Hold rating and an average target price set at C$58.95.

Shares of Lundin Gold Inc. (TSE:LUG - Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as C$97.67 and last traded at C$96.21, with a volume of 218358 shares trading hands. The stock had previously closed at C$93.80.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on LUG shares. National Bankshares cut shares of Lundin Gold from an "outperform" rating to a "sector perform" rating and increased their price objective for the stock from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. Raymond James Financial raised their price objective on shares of Lundin Gold from C$53.00 to C$65.00 in a research report on Thursday, August 21st. Desjardins downgraded shares of Lundin Gold from a "moderate buy" rating to a "hold" rating and raised their price objective for the stock from C$62.00 to C$70.00 in a research report on Thursday, July 17th. Veritas downgraded shares of Lundin Gold from a "strong-buy" rating to a "strong sell" rating in a report on Monday, June 9th. Finally, TD Securities cut shares of Lundin Gold from a "strong-buy" rating to a "hold" rating and lifted their target price for the stock from C$65.00 to C$73.00 in a research report on Wednesday, July 16th. Twelve research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Reduce" and an average target price of C$58.95.

Lundin Gold Stock Up 2.2%

The company has a market cap of C$23.13 billion, a P/E ratio of 37.73 and a beta of 1.15. The business has a fifty day moving average of C$74.04 and a 200 day moving average of C$61.65.

Lundin Gold Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 25th will be paid a $0.675 dividend. The ex-dividend date of this dividend is Wednesday, September 10th. This is a positive change from Lundin Gold's previous quarterly dividend of $0.21. This represents a $2.70 annualized dividend and a yield of 2.8%. Lundin Gold's payout ratio is currently 45.28%.

Insiders Place Their Bets

In related news, Director Pablo Mir sold 15,000 shares of the stock in a transaction on 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 Sheila Margaret Colman sold 1,400 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of C$75.05, for a total transaction of C$105,070.00. 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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