Lundin Mining (TSE:LUN) Hits 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) shares hit a new 52-week high during trading on Wednesday . The stock 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 commented on LUN shares. National Bankshares increased their price target on Lundin Mining from C$16.50 to C$17.50 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada set a C$16.00 price objective on Lundin Mining and gave the stock a "sector perform" rating in a research note on Thursday, June 19th. Dnb Nor Markets upgraded Lundin Mining to a "hold" rating in a research note on Tuesday, June 17th. BMO Capital Markets raised Lundin Mining to a "strong-buy" rating in a report on Friday, June 6th. Finally, Desjardins set a C$17.00 target price on shares of Lundin Mining and gave the stock a "buy" rating in a research note on Thursday, June 19th. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of C$18.90.

Lundin Mining Stock Down 1.4%

The firm's 50-day simple moving average is C$14.32 and its 200 day simple moving average is C$12.81. The company has a debt-to-equity ratio of 41.58, a quick ratio of 0.90 and a current ratio of 1.40. The company has a market cap of C$9.44 billion, a P/E ratio of 30.64, a PEG ratio of -0.26 and a beta of 1.66.

Insiders Place Their Bets

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