Lundin Gold (TSE:LUG) Reaches New 1-Year High – Here’s Why

Shares of Lundin Gold Inc. (TSE:LUG) hit a new 52-week high during trading on Friday . The stock traded as high as C$74.99 and last traded at C$73.14, with a volume of 130731 shares. The stock had previously closed at C$72.99.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on LUG. Raymond James lifted their price objective on Lundin Gold from C$32.00 to C$43.00 in a research note on Friday, April 4th. BMO Capital Markets increased their price target on Lundin Gold from C$45.00 to C$62.00 in a report on Friday, May 9th. Veritas downgraded shares of Lundin Gold from a “strong-buy” rating to a “strong sell” rating in a report on Monday, June 9th. Cormark downgraded Lundin Gold from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Finally, Royal Bank of Canada lifted their price target on shares of Lundin Gold from C$50.00 to C$54.00 in a report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of C$48.98.

Lundin Gold Stock Up 1.2%

The stock has a market cap of C$12.61 billion, a price-to-earnings ratio of 41.47 and a beta of 1.23. The company has a 50 day simple moving average of C$59.88 and a 200-day simple moving average of C$45.02.

Lundin Gold Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 25th. Shareholders of record on Wednesday, June 25th will be given a $0.2075 dividend. This represents a $0.83 annualized dividend and a yield of 1.12%. The ex-dividend date of this dividend is Tuesday, June 10th. Lundin Gold’s dividend payout ratio is presently 60.06%.

Insider Buying and Selling at Lundin Gold

In related news, Senior Officer Terrence Smith sold 40,656 shares of the firm’s stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of C$64.06, for a total transaction of C$2,604,423.36. Also, Director Pablo Mir sold 15,000 shares of Lundin Gold stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of C$66.44, for a total value of C$996,550.50. Insiders sold 63,656 shares of company stock valued at $4,060,974 in the last ninety days. Company 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.