Lundin Gold (TSE:LUG) Share Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• Lundin Gold Inc. shares have crossed above their 50-day moving average of C$69.17, reaching a high of C$75.35 during trading.
• Analyst ratings for Lundin Gold have fluctuated, with Veritas downgrading the stock to "strong sell" while others have increased their price targets, indicating mixed investor sentiment.
• The company announced a quarterly dividend of $0.2075 per share, reflecting a payout ratio of 60.06% and a yield of 1.1%.

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$69.17 and traded as high as C$75.35. Lundin Gold shares last traded at C$74.08, with a volume of 979,416 shares.

Analyst Ratings Changes

Several brokerages have recently issued reports on LUG. Veritas lowered Lundin Gold from a "strong-buy" rating to a "strong sell" rating in a report on Monday, June 9th. BMO Capital Markets lifted their target price on shares of Lundin Gold from C$45.00 to C$62.00 in a research note on Friday, May 9th. Royal Bank Of Canada boosted their target price on shares of Lundin Gold from C$50.00 to C$54.00 in a research report on Wednesday, June 4th. CIBC increased their price target on shares of Lundin Gold from C$44.00 to C$46.00 in a research note on Thursday, April 17th. Finally, National Bank Financial lowered shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 23rd. One research analyst has rated the stock with a sell rating and twelve have given a hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of C$54.18.

Lundin Gold Price Performance

The company has a market capitalization of C$12.65 billion, a P/E ratio of 41.58 and a beta of 1.23. The stock's fifty day simple moving average is C$69.17 and its 200-day simple moving average is C$54.77.

Lundin Gold Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 25th were issued a $0.2075 dividend. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $0.83 dividend on an annualized basis and a yield of 1.1%. Lundin Gold's dividend payout ratio (DPR) is 60.06%.

Insiders Place Their Bets

In other news, Director Pablo Mir sold 15,000 shares of the company's stock in a transaction that occurred 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 firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of C$75.05, for a total transaction of C$105,070.00. Insiders have sold a total of 65,056 shares of company stock valued at $4,166,044 in the last three months. 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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