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

Shares of Lundin Gold Inc. (TSE:LUG - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as C$60.31 and last traded at C$59.18, with a volume of 58593 shares. The stock had previously closed at C$58.12.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on LUG shares. Cormark cut shares of Lundin Gold from a "moderate buy" rating to a "hold" rating in a report on Tuesday. Scotiabank increased their target price on Lundin Gold from C$30.00 to C$31.50 in a report on Wednesday, January 15th. Royal Bank of Canada boosted their price target on Lundin Gold from C$37.00 to C$42.00 in a report on Friday, April 4th. Cibc World Mkts downgraded Lundin Gold from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 20th. Finally, Desjardins boosted their target price on Lundin Gold from C$38.00 to C$42.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Eight equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of C$42.20.

Lundin Gold Stock Down 0.4 %

The firm has a market capitalization of C$9.71 billion, a price-to-earnings ratio of 31.92 and a beta of 1.23. The stock's fifty day moving average is C$44.70 and its two-hundred day moving average is C$37.37.

Lundin Gold Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th were issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.02%. This is a boost from Lundin Gold's previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, March 11th. Lundin Gold's dividend payout ratio is presently 60.06%.

Insider Buying and Selling

In other Lundin Gold news, Director Ian Gibbs sold 14,200 shares of Lundin Gold stock in a transaction 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. Also, Senior Officer Sheila Margaret Colman sold 9,900 shares of the company's stock in a transaction 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. Over the last 90 days, insiders sold 133,150 shares of company stock worth $5,499,984. 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.