Lundin Gold (TSE:LUG) Reaches New 52-Week High Following Analyst Upgrade

Shares of Lundin Gold Inc. (TSE:LUG) hit a new 52-week high during mid-day trading on Tuesday after Cormark raised their price target on the stock from C$100.00 to C$115.00. The stock traded as high as C$122.73 and last traded at C$121.53, with a volume of 133174 shares traded. The stock had previously closed at C$117.98.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group upped their price objective on Lundin Gold from C$96.00 to C$111.00 in a research report on Monday, December 8th. CIBC upped their price target on shares of Lundin Gold from C$116.00 to C$123.00 in a report on Thursday, November 13th. Raymond James Financial raised their price target on shares of Lundin Gold from C$65.00 to C$80.00 in a research note on Friday, October 10th. JPMorgan Chase & Co. boosted their price objective on shares of Lundin Gold from C$16.00 to C$28.00 in a research report on Friday, October 10th. Finally, BMO Capital Markets raised their target price on shares of Lundin Gold from C$118.00 to C$125.00 in a research report on Tuesday. Eight research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and an average price target of C$88.73.

Lundin Gold Trading Down 1.0%

The company’s 50-day moving average is C$113.32 and its 200 day moving average is C$93.73. The stock has a market capitalization of C$28.96 billion, a PE ratio of 42.39 and a beta of 1.21.

Lundin Gold (TSE:LUG) last issued its quarterly earnings results on Friday, November 7th. The company reported C$0.86 earnings per share (EPS) for the quarter. The business had revenue of C$622.58 million for the quarter. Lundin Gold had a net margin of 29.56% and a return on equity of 29.88%. Sell-side analysts forecast that Lundin Gold Inc. will post 2.5603448 EPS for the current fiscal year.

Lundin Gold Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 22nd. Shareholders of record on Monday, December 22nd were given a dividend of $0.7058 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $2.82 dividend on an annualized basis and a yield of 2.4%. This is an increase from Lundin Gold’s previous quarterly dividend of $0.68. Lundin Gold’s payout ratio is presently 61.48%.

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.