Lundin Gold (TSE:LUG) Downgraded to Neutral Rating by CIBC

CIBC downgraded shares of Lundin Gold (TSE:LUG) from an outperform rating to a neutral rating in a research note released on Thursday,BayStreet.CA reports. They currently have C$44.00 price target on the stock, up from their previous price target of C$41.00.

Several other equities research analysts have also commented on LUG. BMO Capital Markets lowered Lundin Gold from an “outperform” rating to a “market perform” rating in a research note on Tuesday, December 10th. Desjardins boosted their price objective on Lundin Gold from C$38.00 to C$42.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Scotiabank boosted their price objective on Lundin Gold from C$30.00 to C$31.50 in a research note on Wednesday, January 15th. Royal Bank of Canada boosted their price objective on 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. Finally, Jefferies Financial Group lowered Lundin Gold from a “buy” rating to a “hold” rating and dropped their price target for the company from C$37.00 to C$36.00 in a research report on Wednesday, December 11th. Eight 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of C$35.45.

Lundin Gold Stock Down 3.4 %

Shares of LUG stock opened at C$42.68 on Thursday. The stock has a market cap of C$7.29 billion, a PE ratio of 23.96 and a beta of 1.23. Lundin Gold has a 52-week low of C$18.08 and a 52-week high of C$45.82. The business has a 50-day simple moving average of C$38.54 and a 200-day simple moving average of C$33.89.

Lundin Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Wednesday, March 26th will be issued a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.03%. This is an increase from Lundin Gold’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, March 11th. Lundin Gold’s dividend payout ratio is presently 60.06%.

Insider Transactions at Lundin Gold

In related news, Director Ian Gibbs sold 14,200 shares of the company’s 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, Director Ronald F. Hochstein sold 88,750 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of C$41.42, for a total transaction of C$3,675,732.13. Insiders sold a total of 144,685 shares of company stock worth $5,854,985 in the last ninety days. Insiders own 58.72% of the company’s stock.

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.