Canaccord Genuity Group Issues Positive Forecast for Lundin Gold (TSE:LUG) Stock Price

Lundin Gold (TSE:LUG) had its target price increased by Canaccord Genuity Group from C$60.00 to C$78.00 in a research note issued to investors on Thursday morning,BayStreet.CA reports.

A number of other brokerages have also recently weighed in on LUG. National Bankshares cut shares of Lundin Gold from an “outperform” rating to a “sector perform” rating and boosted their price target for the company from C$67.75 to C$89.00 in a research report on Tuesday, June 24th. Raymond James Financial boosted their price target on shares of Lundin Gold from C$53.00 to C$65.00 in a research report on Thursday, August 21st. Veritas cut shares of Lundin Gold from a “strong-buy” rating to a “strong sell” rating in a research report on Monday, June 9th. National Bank Financial cut shares of Lundin Gold from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 23rd. Finally, Royal Bank Of Canada boosted their price target on shares of Lundin Gold from C$50.00 to C$54.00 in a research report on Wednesday, June 4th. Eleven analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of C$60.68.

Lundin Gold Trading Down 0.2%

Shares of LUG stock opened at C$91.31 on Thursday. The firm has a fifty day moving average price of C$81.86 and a 200 day moving average price of C$67.66. The company has a market cap of C$22.04 billion, a P/E ratio of 35.95 and a beta of 1.15. Lundin Gold has a 12 month low of C$29.41 and a 12 month high of C$97.67.

Lundin Gold Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 25th. Stockholders of record on Thursday, September 25th were issued a $0.675 dividend. The ex-dividend date of this dividend was Wednesday, September 10th. This is a positive change from Lundin Gold’s previous quarterly dividend of $0.21. This represents a $2.70 dividend on an annualized basis and a dividend yield of 3.0%. Lundin Gold’s dividend payout ratio is currently 45.28%.

Insider Transactions at Lundin Gold

In other news, insider Chester See sold 20,000 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of C$83.30, for a total value of C$1,666,000.00. Following the completion of the sale, the insider directly owned 132,571 shares of the company’s stock, valued at approximately C$11,043,164.30. This represents a 13.11% decrease in their ownership of the stock. Also, insider Sheila Margaret Colman sold 14,600 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of C$81.49, for a total transaction of C$1,189,754.00. Following the completion of the sale, the insider directly owned 37,068 shares of the company’s stock, valued at C$3,020,671.32. The trade was a 28.26% decrease in their ownership of the stock. 58.72% of the stock is currently owned by corporate insiders.

Lundin Gold Company Profile

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.