Lundin Gold (TSE:LUG) Stock Price Crosses Above 50 Day Moving Average - Here's Why

Lundin Gold Inc. (TSE:LUG - Get Free Report) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$47.10 and traded as high as C$56.17. Lundin Gold shares last traded at C$54.67, with a volume of 438,609 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on LUG shares. Cormark lowered Lundin Gold from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 22nd. Scotiabank raised their target price on shares of Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Royal Bank of Canada lifted their target price on shares of Lundin Gold from C$37.00 to C$42.00 in a research note on Friday, April 4th. Cibc World Mkts cut shares of Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 20th. Finally, Raymond James upped their target price on Lundin Gold from C$32.00 to C$43.00 in a research report on Friday, April 4th. Eight investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of C$42.20.

Lundin Gold Price Performance

The company has a market capitalization of C$10.53 billion, a price-to-earnings ratio of 34.63 and a beta of 1.23. The firm has a fifty day simple moving average of C$47.83 and a 200 day simple moving average of C$38.88.

Lundin Gold Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th were issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.79%. This is an increase from Lundin Gold's previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, March 11th. Lundin Gold's dividend payout ratio (DPR) is presently 60.06%.

Insider Buying and Selling

In other Lundin Gold news, Senior Officer Chester See sold 5,800 shares of the firm's stock in a transaction on Friday, February 28th. The stock was sold at an average price of C$40.92, for a total transaction of C$237,321.50. Also, Director Ian Gibbs sold 14,200 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of C$41.40, for a total value of C$587,880.00. Insiders sold a total of 133,150 shares of company stock worth $5,499,984 in the last 90 days. 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.