Lundin Gold (TSE:LUG) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Lundin Gold Inc. (TSE:LUG - Get Free Report) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$49.79 and traded as high as C$72.16. Lundin Gold shares last traded at C$71.65, with a volume of 621,826 shares trading hands.

Analysts Set New Price Targets

LUG has been the subject of a number of recent analyst reports. National Bankshares downgraded Lundin Gold from an "outperform" rating to a "sector perform" rating and upped their price objective for the company from C$67.75 to C$89.00 in a research note on Tuesday, June 24th. National Bank Financial cut Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Monday, June 23rd. Cormark cut Lundin Gold from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. CIBC raised their price objective on Lundin Gold from C$44.00 to C$46.00 in a report on Thursday, April 17th. Finally, TD Securities raised their price target on Lundin Gold from C$58.00 to C$65.00 and gave the stock a "buy" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Lundin Gold currently has an average rating of "Hold" and an average price target of C$50.91.

Lundin Gold Stock Up 0.8%

The business has a 50-day moving average price of C$67.03 and a 200-day moving average price of C$50.33. The firm has a market capitalization of C$11.96 billion, a PE ratio of 39.34 and a beta of 1.23.

Lundin Gold Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 25th were paid a dividend of $0.2075 per share. This represents a $0.83 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date was Tuesday, June 10th. Lundin Gold's dividend payout ratio (DPR) is 60.06%.

Insiders Place Their Bets

In related news, Senior Officer Sheila Margaret Colman sold 1,400 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of C$75.05, for a total transaction of C$105,070.00. Also, Director Pablo Mir sold 15,000 shares of the business'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 value of C$996,550.50. Insiders have sold 65,056 shares of company stock worth $4,166,044 over the last ninety days. 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.