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

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

A number of other equities research analysts have also issued reports on the stock. BMO Capital Markets lowered shares of Lundin Gold from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 10th. Cormark downgraded Lundin Gold from a “moderate buy” rating to a “hold” rating in a research report on Thursday, February 20th. CIBC cut Lundin Gold from an “outperform” rating to a “neutral” rating and increased their price objective for the company from C$41.00 to C$44.00 in a research note on Thursday. Scotiabank boosted their target price on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Finally, Jefferies Financial Group lowered Lundin Gold from a “buy” rating to a “hold” rating and reduced their price target for the company from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Nine research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of C$35.45.

Lundin Gold Price Performance

Shares of TSE:LUG 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 1 year low of C$18.08 and a 1 year high of C$45.82. The business’s 50 day moving average price is C$38.73 and its 200-day moving average price is C$33.96.

Lundin Gold Increases Dividend

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

Insider Buying and Selling at Lundin Gold

In related news, 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 value of C$413,226.00. Also, Director Pablo Mir sold 11,535 shares of the company’s stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of C$30.78, for a total transaction of C$355,001.16. Insiders sold 144,685 shares of company stock worth $5,854,985 over the last 90 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.