Lundin Gold (TSE:LUG) Stock Price Down 12.5% - Here's Why

Lundin Gold Inc. (TSE:LUG - Get Free Report) shares fell 12.5% during trading on Monday . The company traded as low as C$58.62 and last traded at C$59.30. 292,039 shares traded hands during trading, a decline of 40% from the average session volume of 483,119 shares. The stock had previously closed at C$67.79.

Wall Street Analysts Forecast Growth

LUG has been the subject of several analyst reports. Cibc World Mkts downgraded shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 20th. Cormark cut shares of Lundin Gold from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. Veritas raised Lundin Gold to a "strong-buy" rating in a report on Wednesday. CIBC increased their price target on Lundin Gold from C$44.00 to C$46.00 in a research note on Thursday, April 17th. Finally, Desjardins raised their price objective on shares of Lundin Gold from C$38.00 to C$42.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Eight equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Lundin Gold currently has an average rating of "Moderate Buy" and a consensus target price of C$44.00.

Lundin Gold Stock Up 0.3%

The firm's 50-day moving average price is C$50.73 and its two-hundred day moving average price is C$40.23. The firm has a market capitalization of C$9.66 billion, a PE ratio of 31.78 and a beta of 1.23.

Lundin Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th were paid a dividend of $0.43 per share. This is an increase from Lundin Gold's previous quarterly dividend of $0.20. This represents a $1.72 annualized dividend and a yield of 3.04%. The ex-dividend date was Tuesday, March 11th. Lundin Gold's payout ratio is 60.06%.

Insider Activity

In related news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total value of C$413,226.00. Also, Director Pablo Mir sold 8,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of C$57.50, for a total value of C$460,000.00. Insiders sold 141,150 shares of company stock worth $5,959,984 over the last quarter. 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.