Labrador Iron Ore Royalty (TSE:LIF) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Labrador Iron Ore Royalty Co. (TSE:LIF)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$29.28 and traded as high as C$31.06. Labrador Iron Ore Royalty shares last traded at C$31.02, with a volume of 131,152 shares.

Wall Street Analysts Forecast Growth

Separately, Scotiabank lifted their price target on Labrador Iron Ore Royalty from C$28.00 to C$30.00 in a research report on Thursday, January 8th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Labrador Iron Ore Royalty has an average rating of “Hold” and an average target price of C$33.00.

Labrador Iron Ore Royalty Stock Down 0.8%

The company has a market capitalization of C$1.99 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 0.94 and a beta of 0.32. The firm’s 50-day moving average is C$30.54 and its 200-day moving average is C$29.28.

Labrador Iron Ore Royalty Company Profile

Labrador Iron Ore Royalty Corporation is a Canadian corporation. The company generates all of its revenue from its equity investment in Iron Ore Company of Canada, (IOC) and its IOC royalty and commission interests. IOC operates a major iron mine near Labrador City, Newfoundland, and Labrador on lands leased from LIORC. Directly and through its wholly-owned subsidiary, Hollinger-Hanna, LIORC owns an equity interest in IOC and receives gross overriding royalty on all iron ore products produced from the leased lands that are sold and shipped by IOC and commission on IOC’s sales of iron ore.