Lundin Mining (TSE:LUN) Sets New 52-Week High - Here's Why

Key Points

• Lundin Mining reached a new 52-week high of C$15.99, reflecting an increase in investor confidence and a significant trading volume of 184,941 shares.
• Analysts have been bullish on the stock, with price targets increasing from C$16.00 to C$18.00, while the consensus target price now sits at C$18.90.
• Recent insider activity included significant purchases, with insiders owning 15.70% of the company’s stock, indicating strong internal confidence in Lundin Mining's future prospects.

Lundin Mining Co. (TSE:LUN - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as C$15.99 and last traded at C$15.96, with a volume of 184941 shares traded. The stock had previously closed at C$15.84.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. TD Securities upped their price objective on Lundin Mining from C$16.00 to C$18.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Canaccord Genuity Group upgraded Lundin Mining from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 16th. National Bankshares increased their price target on Lundin Mining from C$16.50 to C$17.50 and gave the company an "outperform" rating in a research note on Wednesday, July 9th. Scotiabank increased their price target on Lundin Mining from C$14.50 to C$16.00 in a research note on Monday, June 16th. Finally, UBS Group cut Lundin Mining from a "buy" rating to a "neutral" rating and decreased their price target for the company from C$13.50 to C$13.00 in a research note on Friday, May 2nd. Five analysts have rated the stock with a hold rating, six have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Lundin Mining presently has an average rating of "Moderate Buy" and a consensus target price of C$18.90.

Lundin Mining Stock Performance

The stock has a market capitalization of C$9.63 billion, a price-to-earnings ratio of 31.28, a price-to-earnings-growth ratio of -0.26 and a beta of 1.66. The firm has a fifty day moving average of C$14.24 and a 200 day moving average of C$12.72. The company has a debt-to-equity ratio of 41.58, a current ratio of 1.40 and a quick ratio of 0.90.

Insider Activity

In related news, Director Jack Oliver Lundin bought 20,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average cost of C$12.65 per share, with a total value of C$252,934.00. Also, insider Nemesia S.a.r.l. bought 900,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The shares were bought at an average cost of C$14.10 per share, for a total transaction of C$12,690,000.00. 15.70% of the stock is owned by company insiders.

About Lundin Mining

Lundin Mining Corp is a diversified Canadian base metals mining company with operations in Brazil Chile Portugal Sweden and the United States of America producing copper zinc gold and nickel. Its material mineral properties include Candelaria Chapada Eagle and Neves-Corvo.

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