Lundin Gold (TSE:LUG) Cut to Neutral at CIBC

CIBC downgraded shares of Lundin Gold (TSE:LUG) from an outperform rating to a neutral rating in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has C$44.00 price target on the stock, up from their previous price target of C$41.00.

A number of other research firms have also commented on LUG. Scotiabank increased their price objective on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Royal Bank of Canada increased their price objective on Lundin Gold from C$31.00 to C$35.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 11th. Desjardins increased their target price on Lundin Gold from C$38.00 to C$42.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and reduced their target price for the stock from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Finally, TD Securities increased their target price on Lundin Gold from C$40.00 to C$46.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Nine equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of C$35.45.

Lundin Gold Stock Performance

Lundin Gold stock opened at C$43.60 on Thursday. The firm has a market capitalization of C$7.44 billion, a price-to-earnings ratio of 24.47 and a beta of 1.23. Lundin Gold has a fifty-two week low of C$18.08 and a fifty-two week high of C$45.82. The stock’s fifty day moving average is C$38.73 and its two-hundred day moving average is C$34.00.

Lundin Gold Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Wednesday, March 26th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Tuesday, March 11th. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.20. Lundin Gold’s dividend payout ratio (DPR) is 60.06%.

Insider Buying and Selling at Lundin Gold

In other news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total value of C$413,226.00. Also, Senior Officer Chester See sold 5,800 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of C$40.92, for a total value of C$237,321.50. Insiders sold a total of 144,685 shares of company stock worth $5,854,985 in the last 90 days. 58.72% 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.