Lundin Gold (TSE:LUG) Stock Passes Below 50 Day Moving Average - Here's Why

Key Points

• Lundin Gold's stock price has fallen below its fifty-day moving average of C$68.37, trading as low as C$62.97 recently.
• Analysts have downgraded their ratings on Lundin Gold, with one sell rating and twelve hold ratings, resulting in a consensus price target of C$54.18.
• The company has announced a quarterly dividend of $0.2075 per share, translating to an annualized yield of 1.28% and a dividend payout ratio of 60.06%.

Shares of Lundin Gold Inc. (TSE:LUG - Get Free Report) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$68.37 and traded as low as C$62.97. Lundin Gold shares last traded at C$64.82, with a volume of 519,410 shares traded.

Analyst Upgrades and Downgrades

Several analysts have commented on LUG shares. Royal Bank Of Canada lifted their target price on shares of Lundin Gold from C$50.00 to C$54.00 in a research note on Wednesday, June 4th. Desjardins cut shares of Lundin Gold from a "moderate buy" rating to a "hold" rating and lifted their target price for the stock from C$62.00 to C$70.00 in a research note on Thursday, July 17th. 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. Jefferies Financial Group lifted their price target on shares of Lundin Gold from C$36.00 to C$45.00 in a report on Friday, April 4th. Finally, Raymond James Financial lifted their price target on shares of Lundin Gold from C$32.00 to C$43.00 in a report on Friday, April 4th. One equities research analyst has rated the stock with a sell rating and twelve have issued a hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of C$54.18.

Lundin Gold Trading Up 1.5%

The stock has a market capitalization of C$11.04 billion, a P/E ratio of 36.30 and a beta of 1.23. The firm's fifty day moving average is C$68.51 and its 200-day moving average is C$53.20.

Lundin Gold Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 25th were given a $0.2075 dividend. This represents a $0.83 annualized dividend and a yield of 1.28%. The ex-dividend date was Tuesday, June 10th. Lundin Gold's payout ratio is presently 60.06%.

Insider Buying and Selling at Lundin Gold

In other news, Director Pablo Mir sold 15,000 shares of Lundin Gold stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 Lundin Gold stock in a transaction that occurred 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. In the last 90 days, insiders sold 65,056 shares of company stock worth $4,166,044. 58.72% of the stock is currently owned by corporate insiders.

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.