CIBC Downgrades Lundin Gold (TSE:LUG) to Neutral

CIBC lowered shares of Lundin Gold (TSE:LUG - Free Report) from an outperform rating to a neutral rating in a research report sent to investors on Thursday morning,BayStreet.CA reports. The brokerage currently has C$44.00 price objective on the stock, up from their previous price objective of C$41.00.

A number of other equities research analysts have also issued reports on the company. TD Securities upped their price target on Lundin Gold from C$40.00 to C$46.00 and gave the company a "buy" rating in a research report on Thursday, February 27th. Royal Bank of Canada upped their target price on Lundin Gold from C$31.00 to C$35.00 and gave the company a "sector perform" rating in a report on Tuesday, February 11th. Jefferies Financial Group lowered Lundin Gold from a "buy" rating to a "hold" rating and reduced their price target for the stock from C$37.00 to C$36.00 in a report on Wednesday, December 11th. Scotiabank boosted their price target on shares of Lundin Gold from C$30.00 to C$31.50 in a research report on Wednesday, January 15th. Finally, Desjardins raised their price objective on shares of 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. Nine equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of C$35.45.

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Lundin Gold Price Performance

LUG traded up C$0.19 on Thursday, reaching C$43.79. 320,039 shares of the company's stock were exchanged, compared to its average volume of 418,976. Lundin Gold has a twelve month low of C$18.08 and a twelve month high of C$45.82. The stock has a market cap of C$7.48 billion, a PE ratio of 24.58 and a beta of 1.23. The stock's fifty day moving average price is C$38.73 and its 200-day moving average price is C$34.06.

Lundin Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Wednesday, March 26th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Tuesday, March 11th. This is an increase from Lundin Gold's previous quarterly dividend of $0.20. Lundin Gold's dividend payout ratio (DPR) is 60.06%.

Insiders Place Their Bets

In related news, Senior Officer Sheila Margaret Colman sold 9,900 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of C$41.74, for a total transaction of C$413,226.00. Also, Director Ian Gibbs sold 14,200 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of C$41.40, for a total transaction of C$587,880.00. Insiders have sold 144,685 shares of company stock worth $5,854,985 over the last ninety days. Corporate insiders own 58.72% of the company's stock.

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.