Lundin Gold (TSE:LUG) Sets New 52-Week High After Dividend Announcement

Shares of Lundin Gold Inc. (TSE:LUG) hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as C$28.30 and last traded at C$28.18, with a volume of 240614 shares trading hands. The stock had previously closed at C$27.39.

The newly announced dividend which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 25th will be issued a $0.551 dividend. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.10. The ex-dividend date is Tuesday, September 10th. This represents a $2.20 annualized dividend and a yield of 7.81%. Lundin Gold’s dividend payout ratio (DPR) is presently 86.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LUG shares. Jefferies Financial Group lifted their price objective on shares of Lundin Gold from C$26.00 to C$29.00 in a research note on Monday. Cormark lifted their price objective on shares of Lundin Gold from C$26.00 to C$27.00 in a report on Friday, August 9th. CIBC boosted their price target on shares of Lundin Gold from C$28.00 to C$34.00 and gave the company an “outperform” rating in a report on Wednesday. Canaccord Genuity Group boosted their price target on shares of Lundin Gold from C$27.50 to C$28.50 in a report on Tuesday, August 20th. Finally, National Bankshares lifted their price objective on shares of Lundin Gold from C$30.75 to C$32.00 and gave the company an “outperform” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of C$27.08.

Lundin Gold Stock Up 3.0 %

The firm has a fifty day moving average price of C$24.43 and a 200 day moving average price of C$20.87. The company has a market cap of C$6.77 billion, a P/E ratio of 22.19 and a beta of 1.23. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 14.28.

Lundin Gold (TSE:LUG) last released its earnings results on Thursday, August 8th. The company reported C$0.55 earnings per share for the quarter, missing the consensus estimate of C$0.62 by C($0.07). The company had revenue of C$412.43 million during the quarter. Lundin Gold had a net margin of 24.30% and a return on equity of 22.88%. Equities research analysts forecast that Lundin Gold Inc. will post 2.5546059 earnings per share for the current year.

Insider Buying and Selling

In other news, Senior Officer Chester See sold 30,100 shares of Lundin Gold stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of C$20.27, for a total transaction of C$610,253.42. 58.79% of the stock is owned by corporate insiders.

Lundin Gold Company Profile

Lundin Gold Inc operates as a mining company in Canada. The company holds interests in 28 metallic mineral concessions and three construction material concessions covering an area of approximately 64,454 hectares located in Southeast Ecuador. It primary holds 100% interests in the Fruta del Norte gold project that comprising seven concessions covering an area of approximately 5,566 hectares located near the city of Loja in Ecuador.