Lundin Gold (TSE:LUG) Stock Rating Lowered by Cibc World Mkts

Cibc World Mkts lowered shares of Lundin Gold (TSE:LUG) from a strong-buy rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

LUG has been the topic of several other research reports. Royal Bank of Canada lifted their price target on shares of Lundin Gold from C$31.00 to C$35.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. Jefferies Financial Group downgraded Lundin Gold from a “buy” rating to a “hold” rating and lowered their target price for the company from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. TD Securities upped their price target 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. Cormark downgraded Lundin Gold from a “moderate buy” rating to a “hold” rating in a research note on Thursday, February 20th. Finally, Desjardins boosted their price objective 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. Nine 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 stock has an average rating of “Hold” and a consensus target price of C$35.45.

Lundin Gold Trading Up 2.2 %

LUG opened at C$43.60 on Thursday. The company’s 50 day moving average is C$38.73 and its 200 day moving average is C$34.00. The company has a market cap of C$7.44 billion, a price-to-earnings ratio of 24.47 and a beta of 1.23. Lundin Gold has a 12-month low of C$18.08 and a 12-month high of C$45.82.

Lundin Gold Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th will be issued a $0.43 dividend. This is a boost from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.94%. Lundin Gold’s payout ratio is 60.06%.

Insider Activity

In related news, Senior Officer Chester See sold 5,800 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of C$40.92, for a total value of C$237,321.50. Also, Senior Officer Sheila Margaret Colman sold 9,900 shares of the firm’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of C$41.74, for a total transaction of C$413,226.00. In the last 90 days, insiders have sold 144,685 shares of company stock valued at $5,854,985. 58.72% of the stock is currently owned by insiders.

About Lundin Gold

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.