Scotiabank Cuts Labrador Iron Ore Royalty (TSE:LIF) Price Target to C$31.00

Labrador Iron Ore Royalty (TSE:LIF) had its price target reduced by Scotiabank from C$32.00 to C$31.00 in a report released on Wednesday morning,BayStreet.CA reports.

Labrador Iron Ore Royalty Stock Performance

Shares of LIF stock opened at C$29.63 on Wednesday. Labrador Iron Ore Royalty has a 52-week low of C$28.48 and a 52-week high of C$33.97. The stock has a market cap of C$1.90 billion, a price-to-earnings ratio of 8.92, a PEG ratio of 0.94 and a beta of 1.10. The firm’s 50-day moving average is C$31.17 and its 200-day moving average is C$30.37.

Labrador Iron Ore Royalty (TSE:LIF) last issued its earnings results on Tuesday, August 6th. The company reported C$0.78 EPS for the quarter. Labrador Iron Ore Royalty had a return on equity of 31.89% and a net margin of 99.70%. The company had revenue of C$53.13 million during the quarter. Sell-side analysts predict that Labrador Iron Ore Royalty will post 3.7420091 EPS for the current fiscal year.

Labrador Iron Ore Royalty Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 28th. Investors of record on Friday, September 27th were paid a $0.70 dividend. The ex-dividend date was Friday, September 27th. This represents a $2.80 dividend on an annualized basis and a yield of 9.45%. Labrador Iron Ore Royalty’s dividend payout ratio (DPR) is currently 81.33%.

About Labrador Iron Ore Royalty

Labrador Iron Ore Royalty Corporation, through its subsidiary, Hollinger-Hanna Limited, holds a 15.10% equity interest in Iron Ore Company of Canada (IOC) that produces and processes iron ores at Labrador City, Newfoundland and Labrador. Its primary products include standard and low silica acid, flux, and direct reduction pellets; iron ore concentrate; and seaborne iron ore pellets.